I began to work this year and earns $22/hr, I can get a gift of down-payment about $50,000 and can I buy a single family home at 20707 aera?

Asked by Li Zhou, Columbia, MD Sat Apr 20, 2013

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Ariana Loucas, Agent, National Harbor, MD
Sat Apr 20, 2013
Dear Wenfei,
Congratulations! That is quite a substantial gift to purchase a home. To address your question. I have a background in mortgage and can share that with your down payment, you will be in a very strong position; however, your credit still needs to be reviewed. Scores, late payments, amount of credit cards you have, any negative credit that appears, and how old that is, all of these items play a factor in you qualifying regardless of your down payment. I service 20707 and surrounding areas. I'm happy to speak with you more about your buying power and even connect you with a fantastic loan officer who can review your full picture with you and get you well on your way. Don't hesitate to contact me with any further questions. I'm honored to assist.
Ariana Loucas RE/MAX
1 vote
Corey Lancas…, Agent, Laurel, MD
Fri Nov 1, 2013
May be challenging but possible. It depends on what features you are looking for. Give me a call at 240-988-3173
0 votes
brent mendel…, Mortgage Broker Or Lender, Bethesda, MD
Mon Apr 22, 2013
Yes assuming your credit is sufficient and the rest of the picture makes sense you should be able to do what you wish. There are VERY different rules regarding gifts for down payment for FHA and conventional loans. A conventional loan will give you the lowest monthly payment when compared side by side but you need to talk to a local loan officer and lay out the price and the percentage of down payment the gift will be along side of what you do for a living and your credit score. It's a total picture the loan officer needs to advise you. Hope this helps and please feel free to contact me directly if you want to get pre approved.


Brent Mendelson
Senior Loan Officer
1ST Mariner Mortgage
Lending in all 50 states
0 votes
Belinda Reese, Agent, Laurel, MD
Sun Apr 21, 2013
Hello Wenfei,

In terms of being gainfully employed and having sufficient down payment --yes you could "possibly" make a purchase in the 20707 area of Laurel. But with the limited information given, I would say that there are several other factors to consider in order to best position yourself for a purchase.

Of course items such as how long you've been working (since Jan or since early April, for example), are you currently renting (if so how much rent --based on that I could translate rent to potential mortgages you could comfortably pay); have you checked your credit report/score this year --any outstanding debts or negative items that need to be addressed?? Would you be a first time home buyer?? etc..

There quite a few considerations regarding a home purchase, of which, purchasing power is only one. If you are considering making a purchase, it certainly wouldn't hurt for you to sit down with a qualified licensed real estate agent to help clarify the process and help you become aware of and work through important questions you need to address as you consider making this significant investment.

We can talk, e-mail, text, whatever --no obligations, just helpful information.

Belinda Reese, Agent, Exit Right Realty
0 votes
Akil Walker, Agent, Upper Marlboro, MD
Sat Apr 20, 2013
Hello Wenfei,

Congrats on your new employment. In terms of purchasing a single family home there are some single homes available in the 20707 which it appears you will be able to purchase if all other factors are in good standing.

if you are looking for an agent to assist feel free to contact me.
0 votes
Tony McMahon, Agent, WHITE PLAINS, MD
Sat Apr 20, 2013
Hi Wenfei, I would happy to put you with a lender who can answer your questions and help you with getting pre qualified for a mtg. Please contact me to discuss your options in more detail .
0 votes
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