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Home Buying in 20037 : Real Estate Advice

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  • Local Info1
  • Home Buying5
  • Home Selling2
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Activity 5
Fri Feb 28, 2014
George Eckerle answered:
In all of the high-rises in Foggy Bottom, the fee is payable monthly.
As to what it includes, that depends on the community.
In co-ops, the fees include the real estate taxes. In condos, they do not.
In older communities, the fees can include some, or all utilities.
In newer communities, the utilities are usually separate.
In the Watergate, the fee is going to include RE taxes, all utilities and even basic cable.
In the Ritz, electric, gas and cable are going to be separate.
In listings, they usually have a line "Condo fee includes" and then list what it includes, so you can check this out on a case by case basis.
Hope this helps.
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Tue Sep 11, 2012
Ericka S. Black answered:
Hey Jilibit,

Currently, there is one place active at the Columbia Residences. It has two bedrooms and two baths. Let me know your availability and we can check it out (http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=3041248XKJ4T&p=DE-178079301-62). My number is (202) 670-6677.

Talk to you soon,
Ericka
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Thu Jun 2, 2011
answered:
It doesn’t matter if you are self employed or not, they are required to look at the entire picture. In our shop we order tax transcripts for the previous 2 years on every loan application, I always request full tax returns for both years to see if there are any business deductions. The problem isn’t classification, it is net income. If a buyer is a regular W2 wage earner but has a side business that looses money, it is the same as being fully self employed. The deductions are going to count against them.

Why is this creating a problem?
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Mon May 9, 2011
John Settles NMLS ID:448870 answered:
I have done loans for many borrowers with less than 2 years of employment, however, you, like them, will have to show Related Experience. Here is the language from the FHA Underwriting Manual.

"Between one and two years: An individual self-employed between one
and two years must have at least two years of documented previous
successful employment (or a combination of one year of employment and
formal education or training), in the line of work in which the borrower is
self-employed or in a related occupation to be eligible.
• Less than one year: The income from borrowers self-employed less than
one year may not be considered as effective income."
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1 vote 2 answers Share Flag
Sun May 8, 2011
Melissa Barkalow answered:
Hi Christina

Lenders typically don't have a problem if you stay in the same field of work, but you need to have been at the new job for a couple of months to verify that you have income coming in. I would double check with a lender to make sure there would not be any issues and I can recommend a few for you to talk with if you are interested.

Thanks

Melissa
mbarkalow@comcast.net
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