I hate to be the one that breaks the bad news to you, but you probably can't afford to buy in DC on a $50k salary. Your payments would be around $1700 after PMI, taxes and insurance, which is a large portion of your income. It may be nice to own a house, but you need to be in a position where you can pay for repairs if the roof needs fixed or the electrical needs replaced. All you would be doing by buying in your situation would be setting yourself up in a house that you can't afford.
I think one of the most common misconceptions in our society is the belief f that they are entitled to be able to buy a home. DC is an expensive place to live and your salary just doesn't isn't high enough to own a home YET.
Your best bet is to start stockpiling cash and paying off all of your other debts first (credit cards, car, student loans, etc). Once you have the debts paid down and some cash reserves, the loan will not be as intimidating to a lender.... more
The foreclosure process can provide great opportunities to purchase real estate at low prices. However, it also requires considerable patience and understanding, as the most difficult part of the process is dealing with the banks. Even if the bank accepts your contract, there are many hurdles to jump before making it to settlement.
With the being said, if you are still interested in pursuing a foreclosure, I can help. Recognizing that one-quarter of the homes in the U.S. market are in foreclosure or a short sale, I obtained additional certification on just this subject. Also, check out my website, as it contains a great video on foreclosures. Although it is primarily how to avoid foreclosure, you may find some information that will be useful to you.
If II can be of assistance, please feel free to contact me. My contact info is on my website.... more