Fungirl, Home Buyer in Washington, DC


Asked by Fungirl, Washington, DC Fri Feb 25, 2011

Well looks like I would be better off trying to purchase a condo. I did look at one and this is a brand new community and was told by the saleing office that I would only need $2500 to get me in. I really wanted to by a townhouse but so far I only have $5000 of my own money towards a townhouse, but from what everyone is saying here looks like I'm going to have to come up with another $5000 to get me into a townhouse. Well it dosen't look like I'm going to be in one by christmas because I have to try and come up with another $5000.

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Fungirl , buying a town home or condo does not change the down payment or closing costs needed for the transaction, they would be very similar. Your monthly payments including your condo fees could be higher than the town home payment however, so you really need to see a Good Faith Estimate on both. The reason you may need less for the new condo to get in, is probably because the seller is paying some or all of your closing costs. Those can most times be negotiated to have the seller pay them on a town home as well. You really need to have an agent working on your behalf to help you with the many questions you have.
0 votes Thank Flag Link Sun Feb 27, 2011
You should discuss your situation with a local lender...there may be other options available to you.
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0 votes Thank Flag Link Fri Feb 25, 2011
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