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Columbia Heights : Real Estate Advice

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  • Local Info2
  • Home Buying5
  • Home Selling0
  • Market Conditions1

Activity 10
Mon Oct 23, 2017
Densilucy answered:
The amount of deposit you need to place inorder to purchase a house is one of the most frequently asked questions. The correct answer is - it depends.

Depending on the the type of mortgage loan program, the required minimum down payment amount changes significantly. For FHA-insured home loans it is 3.5% and for conventional, conforming loans it can be 10% or 20%. It really depends on the type of loan.

You'd be required to put a minimum of 3.5% down for the FHA loan - but keep in mind that with less than 20% down you'd have to pay ""mortgage insurance"". In case of Fannie Mae loans, you'll have to opt for private mortgage insurance or for a second mortgage.

USDA has ZERO down payment loan programs. To be eligibile, the property location must be in a designated rural zone. For eligible veterans, VA loans can allow for very low down payment.

Find out more about the minimum down payment requirements for various loans at http://downpaymentguide.org
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Sun Sep 4, 2016
Sally Grenier answered:
This depends on what type of loan you're getting and what you can afford. You need to sit down with a local lender who can review all of your financial info. The more you put down, the better. If you can afford 20% down that would eliminate the need for mortgage insurance, which will add to your monthly payment. But many people don't have that. You can buy a home with as little as 3.5% down with an FHA loan. ... more
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Wed Feb 25, 2015
Barak Sky answered:
The short answer to your question is yes. However there are a lot of factors that go into this. There is so much development happening in CH and still tons left to go. Prices keep going up and up with every condo conversion and renovation that get put as active! I know about 5-10 that are under construction as we speak! Also as Georgia ave gets more and more developed it will also help keep CH prices going up and up. ... more
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Tue Nov 26, 2013
Bola Williams answered:
Hi Najah,

Here is a link to the closet school to 1390 Kenyon St NW

http://checdc.org/home.php

It appears that Columbia Heights Educational Campus is the closest!

If you need more information about the area don't hesitate to ask!

Bola Williams
Real Estate Adviser
ReMax Town Center
240-723-1822
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Thu Oct 3, 2013
WESLEY HOWARD answered:
Here is where you can find out information about community in Columbia Heights

http://www.1sthomenetwork.com/mimarket/zip/20010/
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Wed Dec 5, 2012
Danilo Antezana answered:
Patrick is absolutely correct. There also was a seller subsidy of 2000 dollars on this sale.

If you want to stay up to date on the latest listings in Columbia Heights. Feel free to use my website for free.
www.firsthomesteps.com
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Fri Jul 29, 2011
Don Tepper answered:
Hey, fun! You again!

It's a parking space. The condo fee is $51 a month.

Units in the building typically go for about $500,000. Here's what's available now:
http://mrislistings.mris.com/Matrix/Public/Portal.aspx?ID=42976107385

Unfortunately, you're not likely to find any great bargains (in decent shape, at least) in D.C. There are better opportunities in your area and other parts of Prince George's County. Or some really good bargains in Baltimore.

Hope that helps.
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Fri Feb 18, 2011
robert leary answered:
Are you looking to purchase a foreclosure property in Columbia Heights? Unfortunately if that is the case you can't get one even if you have the best credit on earth unless you are an all cash buyer. I have a buyer with a credit score of 804 and a pre-approval up to $500,000 that has made 4 offers in the past 6 months and in every case the banks said they would not even consider an offer with financing. I also have an all cash buyer that is also looking in Columbia Heights and he is getting kicked around too. Always multiple, all cash offers.
If you are able to make all cash offers your credit doesn't matter, but I assume you are like the rest of us that cannot do so.

Now about your credit, "bad" subjective term. Do you know your score? I would suggest talking to a lender at USAA or NAVY Federal or somewhere that does a lot of VA loans and see what they say. VA loans are awesome! They have great rates, no downpayment requirements and I think are more lenient with credit scores.
If you are looking to buy in Columbia Heights, I am your man. I just did 2 deals with veterans getting VA loans too so I can help you contact the lenders that do them. Give me a call at 202.669.8493 or email me at Robert@robertleary.com
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