In regards to first-time homebuyer financing, lending is a critical pivot to start with. While there are several very good programs, each vary in DC/MD and VA for owner occupant loans but will not for a lot and/or land investor.
Have you been pre-approved for your loan, budget, property-type price range or do you need a recommendation for a local reputable lender, who can review your options, at no cost or obligation?
In general, areas within the Beltway will be pricier and have held or increased in value, over the last 2 years vs other areas located further outside the Beltway. All the markets quite literally are local and very different. For example most of DC, Arlington, Alexandria, Bethesda and Chevy Chase has not only stabilized but are seeing multiple offers on bank and non-bank owned homes and rental price increases because of the close-in demand.
Has your lender given you the price points and property types you'll be looking at?
How important is a commiute to you?
Does a 5% return take into account your potential interest and property tax deductions or is there another type of calculation, or method, you're using?
Please, feel free to email or call me, directly, with any other important questions or if you'd like to set up an appointment to discuss anything further.
I will be more than happy to see what I can find.
I have a listing service I can send to you and use, free of charge.
With the email, send me a phone number as well as first and last name
how soon are you looking to doing such a purchase
and what is the price point?
Thanks much for your reply. Here are my details.
1. First time home buyer.
2. Open for any area in DC/MD/VA
3. Looking for speculative investment, where the prices are already dropped a lot.
4. Open for any form of investment (i.e. condo, single family house, parking lot or land) which can bring good return on investment. (at least 5% at the beginning)
5. I can put 20-30% down depending upon the form the property.
Please let me know if you need more information. I would appreciate any help.
Have you thought about areas which areas, DC, MD, VA and are there any commuting or any other special requirements?
In summary, it depends on how specific your needs and resources are and how much the lender will help you with the financing, if any?
Let me know if you need any help.