Home Buying in Washington>Question Details

Fungirl, Home Buyer in Washington, DC

Townhome Purchase in DC

Asked by Fungirl, Washington, DC Tue Jan 29, 2013

Good Morning.
Well it looks as though everyone is right. I'm not going to fine anything in DC for $100.000-$110.000 unless it is just a complete dump and that's not what I want. The ones that I've looked at on line in that price range are nothing but dumps and I have looked on just about every single web site out their. I was looking for something that's move in ready in the DC area but do not see anything on line that I can afford. I do see quite a few nice townhomes in DC that I really like, but I know that I can't afford them. I wanted something where my payments would be $800 - $1000 a month. Still trying to save funds for closeing and fees. I just can't move to Maryland. I have to stay in Washington, DC. where I can get around on the bus is a must. I just will not be able to get around if I moved to Maryland with out a car. I do not need a car liveing in DC. I have to take everything into consideration when looking around.

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7
Don't give up hope! If you find a property that needs work, you might be able to get an FHA 203K rehab mortgage.

I just closed on a condo last March and it took a while to find the right place; so I get your frustration. Just be patient; things in the real estate market. In the meantime, have you taken the first-time homebuyer training for HPAP? Use this time to educate yourself about the homebuying process and find out about all of the resources available to you. FYI, I was trying to stay in the $100-125 range, couldn't find anything decent in that price range. In the end, I bought my condo (brand new) for $184k, I had all of my closing costs covered, so my only out-of-pocket expenses were for my home inspections, earnest deposit and appraisal--about $1200 overall. My mortgage, including FHA insurance and homeowners insurance, is $1036. YOU CAN DO THIS!
0 votes Thank Flag Link Wed Jan 30, 2013
I also wanted to add that some properties won't be listed on Trulia; you need to get an agent because they have access to the MLS list.
Flag Wed Jan 30, 2013
You're right, of course, anything decent in DC, especially in something the size of a townhouse will not meet your criteria. I wouldn't give up on Maryland (disclaimer - I'm not an agent licensed in Maryland) however. There is excellent bus service and metro also. Prince Georges County is rebounding but you may have to consider a condo instead of a townhouse to stay in that price range.
0 votes Thank Flag Link Tue Jan 29, 2013
Have you been pre-approved for a loan? You would then find out what price you qualify for, and learn about the loans programs you may qualify for. That is start of any home search. Good Luck in your search for your special home.

Ellen
0 votes Thank Flag Link Tue Jan 29, 2013
Hi Fungirl,

Are you dead set on a townhouse or would a condo or co-op be an option for you? As I mentioned in one of your other threads, there are several of those available in DC, well within your price range, and are move-in ready and close to metro and bus lines.

:)
Kelly
0 votes Thank Flag Link Tue Jan 29, 2013
Hello! Check out 811 Chesapeake St., SE.......This might the property you are looking for. Plus, you could move in using HPAP or another low downpayment or closing assistance programs.....Check around as a buyer you have quite a few housing programs, especially for first-time homebuyers.....Good Luck!
0 votes Thank Flag Link Tue Jan 29, 2013
I have noticed that you have asked quite a few questions over the last few months. There may be programs that would help you with downpayment and closing costs, and that may help you get closer to your payment number. I know that there is nothing in DC move in ready for $100K, but you should speak with a lender to see how much you qualify for first, and then with some of the first time homebuyer programs available you might be able to get what you are looking for. We just closed a client last week who purchased for $200K, brought $1,000 to the table to close, and her mortgage was $1100.00. If you qualify for the tax abatement program, your mortgage might even be less! There's hope fungirl!!!

I hope this is helpful, please don't hesitate to contact me for more information!

Hillary~

Hillary Nash McAuley
Nash Holdings
Exit Elite Realty
202.907.7301
hillarynash@mris.com
http://www.exitelitemd.com
0 votes Thank Flag Link Tue Jan 29, 2013
Hello, email me at valerie@bestaddress.com I know of a new development coming that will have your payments at that price. It is also near the metro.
0 votes Thank Flag Link Tue Jan 29, 2013
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