Home Buying in Washington>Question Details

aliyyah, Home Buyer in Washington, DC

Would it be possible for me to buy a condo as a recent college graduate moving to the DC area?

Asked by aliyyah, Washington, DC Sat Mar 16, 2013

I have a decent credit score (about 1.5 years of perfect payment history). I can do a $10,000 downpayment and am looking for a property worth max $100,000. The only drawback is that I won't start my full-time job until after I move. Any tips/advice would be useful. (I am open to locations surrounding DC, as long as the commute is less than 30 minutes).

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13
Boris Miric’s answer
Hello,

You might want to check with HPAP program as well as BBT's CHIP program. They seem to have an alternate ways of securing credit scoring if you have shorter credit history.

Feel free to check the links below and contact me shall you have any questions.

http://www.gwul.org/programs/housing/hpap

http://www.bbt.com/bbtdotcom/lending/mortgage/mortgage-loan-…

Boris Miric
District One Properties
Serving DC-VA-MD
Phone: 202.459.4700
Web Reference: http://www.borismiric.com
0 votes Thank Flag Link Wed Mar 27, 2013
Hi All,

I spoke with my bank to get prequalified and was told that despite my savings, my current, part-time income is too low to qualify for a mortgage loan. I would have to wait until I've worked 6 months with my prospective full-time employer.

I would not mind renting for 6 months - a year if I have to. But are there any lenders who would use maybe an offer letter as proof of my income?
0 votes Thank Flag Link Sat Mar 23, 2013
Hey Aliyyah,

Send me your email and I will email you a lender that may can pre-approve you. Since you are a first time homebuyer, you could take advantage of HPAP and other downpayment assistance programs. Call me at (202) 670-6677 and we can talk more about it.

Talk to you soon,
Ericka
Flag Sat Mar 23, 2013
Hey Aliyyah,

You are making a great decision to buy:). I purchased my first place when I graduated from college. So, you should not have any problems. If you're goal is to buy a place and avoid renting, contact a lender soon. I have a great lender that could help you. You can call me at (202) 670-6677.

Talk to you soon,
Ericka
0 votes Thank Flag Link Fri Mar 22, 2013
Hi Aliyyah,

DC is experiencing a very competitive market right now. It's a wonderful time for sellers! To beat the competition, you must be ready to put an offer quickly once we find a property that fits your needs. You should talk to lenders and identify the most advantageous for you. I can introduce you to some great options to get started. If you wish, please contact me anytime. Good luck and welcome to Washington!
0 votes Thank Flag Link Wed Mar 20, 2013
Hi Aliyyah, I would start right now even though rates etc. are subject to change, to see if you are good to go or if anything in your past financial life needs tweaking. You would have quite a few months to get your paperwork house in order and be more prepared because of it. You may also want to consult with more than one lender and in this age of increased paperwork you will appreciate not being under a time crunch, especially beginning a new job. There are several types of lenders so you may have success with some while others may not be interested in working with you. Let me know if you need direction.
0 votes Thank Flag Link Tue Mar 19, 2013
Hi All,

Thank you for your helpful answers. I plan to relocate in late August/early September. When should I start contacting lenders?
0 votes Thank Flag Link Tue Mar 19, 2013
Hey Aliyyah,

You are making a great decision to buy:). I purchased my first place when I graduated from college. So, you should not have any problems. If you're goal is to buy a place and avoid renting, contact a lender soon. I have a great lender that could help you. You can call me at (202) 670-6677 or email me ErickaSBlack @gmail.com.

Talk to you soon,
Ericka
Flag Wed Mar 20, 2013
Aliyyah,

You are going to need at least 2 pay checks before you can get your pre-approval. However, just before that you could contact a lender and go ahead and start the application and provide him/her the other documentation he/she will need from you. It is best to work with a local lender where you will be purchasing. If you need a recommendation, let me know.
Flag Tue Mar 19, 2013
Hi Aliyyah, consult a mortgage lender. I know a few lenders. I can help you.
0 votes Thank Flag Link Mon Mar 18, 2013
DC is a great place for a condo. Like the others have said, it is always good to check with your lender first, then explore. And there are many great first-time-homebuyer programs and incentives around and I am sure that you will find something in your price range.
0 votes Thank Flag Link Sat Mar 16, 2013
Hi

I would recommend you talk to a lender to see how much you would really qualify for and what they will need from you, such as paystubs, tax returns, etc to qualify for the loan. Are you going to be in the DC area for awhile? If you are not familiar with the area, you might want to consider renting for a short time and explore the area to see what areas you like and areas that work for your budget.

Good luck!

Melissa
0 votes Thank Flag Link Sat Mar 16, 2013
Hi Allyyah,

There are many variables to be considered. I think you should explore other options as well, educate yourself on the DC market and find out about some other possibilities for financing. If you wish, give me a call. We can chit chat a little bit and I can defiantly give you some very good tips to get you started, ok?

202.413.2439
0 votes Thank Flag Link Sat Mar 16, 2013
At the moment there are 13 properties listed under $100,000 primarily in SE with a couple in SW both condos and coops. Your next step is to find a lender who will work with your situation. I have an excellent lender I like to work with but my best advice is to try credit unions and small banks that are willing to work to find you a loan. Obtaining a mortgage will be your key to answering your question.
0 votes Thank Flag Link Sat Mar 16, 2013
Where is it that you want to buy a Condo? If you answer my question,I will be able to answer your question.
0 votes Thank Flag Link Sat Mar 16, 2013
Aliyyah,

As long as you qualify for a mortgage you should be able to buy a property. Given the upper budget parameter you would probably be able to buy in the outer areas of DC. You will need to wait to qualify for a mortgage once you have had at least 2 paychecks.
0 votes Thank Flag Link Sat Mar 16, 2013
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