i’m looking to offload my alexandria 1bd1ba with a mortgage to a 501c3 - not liking the current sellers market and wouldn’t mind getting deduction i could spread over the next couple years
would prefer local options but really trying to learn from others who have gone through the process. search results seemed too generic
tia
Eligible Prince George's County, Maryland Homebuyers have enormous opportunities at their fingertips. PTP gives a $50,000, forgivable grant for your home purchase. Every year that goes by, 10% of the funds are forgiven. The Critical Workforce Housing Assistance Program gives a $50,000, 0% interest, deferred loan to
These programs are tremendously helpful and the best part is that unlike many other Maryland homebuyer programs, they don't impact your interest rate negatively! Those who would be eligible for these programs will be eligible for one of our several, below-market interest rate programs. Other incentives may be available to your or your client. For more info, dtoaff@firsthome.com or C: 610-348-3772. David Toaff - First Home Mortgage Corporation (Silver Spring, MD). NMLS ID: 1065782
Would that be too aggressive? Been on the market for 60 days.
Can imagine my agent saying that’s “insulting”but coworker did that (on a different house) ten years ago and ended up paying 1.1
I was helping a buyer purchase a house in DC recently for around $1.4 million. It had a separate basement apartment, which meant the property was considered a 2-unit. The buyers also had pretty average credit. Nothing that would stop them from getting approved, but not the kind of scores that get the best conventional pricing.
I've been doing this long enough to know that the rate wasn't going to be amazing. Between the 2-unit property, the loan amount being over $1 million, and the credit scores, the conventional rate was 7.5%.
One of the borrowers worked for the District, so they were eligible for DC4ME. They weren't looking for down payment assistance and they had the cash needed for the purchase. The goal was simply to see whether the program would price out better than a conventional loan.
The DC4ME rate came back at 6.875%. On a loan amount around $1.1 million, that worked out to roughly $475 less per month (with less cost as DC4ME does not have a points charge).
What made this one interesting is that the buyers weren't the type of people most think of when they hear "housing program." They were buying a $1.4 million property and had plenty of money to close. The program wasn't helping them buy the house. It was helping them just to get the rate down - which is something no one ever thinks will happen with these programs since most carry higher rates.
Another thing I like about DC4ME is that it doesn't come with the timeline concerns that sometimes (all the time) pop up with HPAP. Anybody who's been around the DC market for a while has probably heard at least a few HPAP stories. DC4ME is generally a pretty straightforward mortgage program that you can still do a quick close with.
I feel like DC4ME flies under the radar compared to some of the other DC programs, even though there are a lot of District employees who could benefit from at least running the numbers. Make sure you at least give it a comparison.
Is there a reliable way to make sure a house doesn’t have lead paint or asbestos before buying? Is buying newer construction the only real way to avoid the risk?.
Asking because of kids, pets
Appogies if this is against the rules, I was just hoping for some constructive feedback on our listing. Are we overpriced? Is inventory high? Is it the wrong time of year? Wrong broker?
It's been over 2 months (almost 3) with no offers.
When I was house hunting, I found myself jumping between different websites to collect information about each neighborhood. I wanted to make that process a little easier by putting things like crime, schools, property information, demographics, traffic safety, and more in one place. It’s still a work in progress, but I’ve come a long way with it. It works best in the DMV area for right now.
It’s free to try if anyone wants to take a look. Try your own address or a neighborhood you’re familiar with and let me know if you think it’s a useful tool or something you’d actually use.
Any feedback is very welcome and appreciated!