I have a mortgage caluculator on my website: www:Reonebrown.com and you can start there before you contact a lender. If you need a lender I can refer you to three lenders and then you select the on that can meet your requirements, and are familiar with the 1st-Time Homebuyer programs.. If you are considering the SW Waterfront most of the properties on the Waterfront are condos and coops. Therefore, when you are budgeting please remember to factor in the coop and condo fees. In most cases on the Waterfront you will not pay any utilities since it is included in your condo/coop fee. If you are a first time homebuyer in Washington, DC you will be eligible for the $5,000 tax credit. You will also be eligible for the Homestead Tax Exemption Program. Depending on your income you may also be a candidate for a 5 year property tax deferrment program. There are also 1st-Time Homebuyer programs in Washington, DC that will provide you with your downpayment. When slecting your lender please make sure that the lending institution is participating in these programs before you get pre-approved. However, your Realtor should be informed of these programs that will benenfit you in the home buying process. Also, inquire about the DC Bond Program that will be instituted again on March 31, 2012.
If you need any specific information pertaining to 1st-Time Homebuyer Programs in Washington, DC please feel free to contact me anytine for assistance. I am a Realtor who live and specializes in the Waterfront area, and with 1st-Time Homebuyers. I hope I have answered you questions and you feel more empowered in your home buying process.
Can I ask what credit union you've worked with that you recommend for mortgage lending?
I have had to work with several, all bad experiences, and all the other agents I know also avoid them like the plague because of poor customer service when it comes to mortgage lending because they are 9-5 workers, don't answer the phone most of the time and having to deal with multiple processors and underwriters who are often not even in the same city, plus their lower rates are off-set by back-end fees. If you know of a credit union who has their own in-house mortgage division who answers the phone nights and weekends, I have clients who would love to find them!
With that information, you can make better decisions, rather than with an estimate that doesn't take your personal situation into account. I or anyone else for that matter can point you in the right direction, if you need further assistance. But you need to let the people who know what to do help you get the ball rolling sooner rather than later. I have lots of experience working with buyers and sellers to get ready to purchase, including explaining, educating, coaching, coaxing, organizing and assisting. My kids are still young, so I am going to be in business for a long time. I can afford to take as long as you need to get you into the best position to purchase the home you desire,
Phase II Realty
301 980 9249
This is a good site for a mortgage calculator: http://www.bankrate.com/calculators/mortgages/mortgage-calcu
You can put in a price, interest rate, taxes etc. to see what the mortgage payment would be and get a close idea of what you could afford. Also figure in insurance and, if using FHA, a PMI. As far as utilities, your could get that from the owner's agent of a property you are interested in.
The best advice I can give you is to talk to a lender and get approved for a mortgage to know exactly what you are dealing with. There is no charge for this and when they pull your credit the big 3 won't give you a hit because people shop around for mortgages all the time.
If you aren't working with an agent yet, I'd love the opportunity to interview for the job. I'm licensed in DC, MD and VA, so I can help you no matter where you want to look. I can also send you a list of local lenders I work with and highly recommend for their customer service.
Buyer's and Seller's REALTORÂ®
Keller Williams McLean
703-961-8663 - cell
Best of luck,
You should speak with lender to find out what you qualify for and what your budget should be. In the SW Waterfront area there are a number of co-ops and with your monthly co-op payment, water, electricity, etc are covered. Not all of the buildings incl this as a feature, but as you can imagine the monthly condo/co-op fees for some of these buildings is higher since more things are included in the monthly fee. Each building/complex is different, after you talk to a lender about price, look at monthly condo/co-op fees to make sure you have that budgeted in.