- Apr 27, 2009
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Did you buy in the DC metro area or further out in MD? If former, which town if you don't mind me asking
Home Buying & Real Estate Thread
- Thread in 'General' Thread starter Started by TYE_The Time Traveler,
- Start date
- Nov 6, 2012
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@GetYaShinebox I purchased right on the DC line pretty much. Capitol Heights off of Rollins Ave. Metro is within walking distance. 295 & 495 are easily accessible. I really wanted to purchase a home at the Arts District in Hyattsville on the route 1 corridor by bus boys & poets, but they only have 2 homes left at 450K and 550K. Way out of budget lol.
I doubt its an area you want to be in like most people because they already have a perception of the area, but this community is something worth atleast taking a look at. The community is full of military and government/government contractor professionals. The people that purchased for 250K back in 2008 homes are appraising around 320K now , and I believe that once all the townhomes and single family homes are sold the value will go up atleast another 30K.
E Capitol St is about to get a major overhaul (Walmart, luxury apartments, new shops, etc) , so I am excited about how this will affect the area.
I doubt its an area you want to be in like most people because they already have a perception of the area, but this community is something worth atleast taking a look at. The community is full of military and government/government contractor professionals. The people that purchased for 250K back in 2008 homes are appraising around 320K now , and I believe that once all the townhomes and single family homes are sold the value will go up atleast another 30K.
E Capitol St is about to get a major overhaul (Walmart, luxury apartments, new shops, etc) , so I am excited about how this will affect the area.
This is the worst thing about this area. The areas that are already of value are too expensive for young professionals and rent is way too high, so I decided to analyze the area and make the best decision. Personally I don't think the NoVa or MoCo premium is worth is due to traffic alone (work at Fort Meade).
- Feb 6, 2010
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Today I signed my purchase agreement for my townhouse in MD should be closing in September .
The home will be 2400 sqft 3 bedroom 3.5bath . Granite countertops in the kitchen and master bath , hardwood floors stainless steel appliances, kitchen hutch, fireplace in basement, big walk in closet in master bedroom. After all the upgrades the final price was 335K.
I'm super excited I will be stopping by to check up on the progress as much as I can.
Congrats fam. So dope u get what ubwant at that price. Hope the experience is nothing but smooth my man
Thanks for answering. The take home pay is b4 or after taxes? Im out here in the bay and the maroets really sucks for young 1st time buyers. The hoa in alot of spots is what kills as well 300 a month st the least on non single detached homes
- Jul 23, 2005
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^ take home pay, by definition, is what you see after taxes, contributions, and other obligations.
literally the amount of your paycheck.
literally the amount of your paycheck.
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- Apr 27, 2009
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Is that area considered gentrified? Is the walk to the metro (alone) safe at night? Local nightlife?
Honestly I'd like to stick to NoVa because that's what I know (somewhat). First place I moved to when I came to DMV was Arlington, and now all friends are here. But the accessibility here is pretty nuts, $350K for a 700 sq ft 1BR built in 1984 :x No thanks
So I'll need to do some exploring beyond the neighborhoods I'm used to
- Sep 29, 2008
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I'm going to keep an eye on this thread. A ton of great info. I have been building up my capital for a while now with the mindset of picking up a rental property or going another route. I'm not in any rush though since I'll be out of the country for the entirety of 2016, while I do a tour in Korea. I'll be sure to keep my eyes glued to this thread.
- Nov 6, 2012
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I'm from Arlington, so I know how the prices are and they will only continue to rise. If you are looking for a gentrified area then expect to pay 450K+ and I would say thats on the low end.Is that area considered gentrified? Is the walk to the metro (alone) safe at night? Local nightlife?
Honestly I'd like to stick to NoVa because that's what I know (somewhat). First place I moved to when I came to DMV was Arlington, and now all friends are here. But the accessibility here is pretty nuts, $350K for a 700 sq ft 1BR built in 1984No thanks
So I'll need to do some exploring beyond the neighborhoods I'm used to
I will put it like this, there are many white and black families in the community and nobody is afraid to walk to the metro during the day or at night.
I drive through the neighborhood during the day and at night, and it is always the same. Only people within the community are walking dogs and running.
There is no night life in Capitol Heights. Not many cities in NoVa or MD have a popping night life that what the metro is for imo.
What you are looking for you will be paying top dollar for, unless you purchase in DC in a pre gentrified area.
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- Nov 16, 2001
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Good rule of thumb is no more than 35% of your take home income. Any more and you're bound to be house broke.
- Apr 28, 2010
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When you say this, is this everything that you pay towards the house or mortgage alone?
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- Nov 16, 2001
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Preferably mortgage and impounds.
- Nov 6, 2012
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Oh its based off of take home. Well my ratio would be 27% towards mortgage.
- Feb 10, 2003
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So my mortgage plus taxes, pmi, and insurance is about $2000.
We talking about that number or just the mortgage and pmi?
We talking about that number or just the mortgage and pmi?
- Feb 6, 2010
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Thanks just wanted to make sure I was on the same page, so easy to misinterpret meanings at times but thats y I ask
Living in the bay sucks bc housing is so high not to mention hoa's for condos or townhouses being 300 and up a month
I was referring to all of that tax pmi hoa mortgage. But
timcity2000
and
crcballer55
can probably answer this bestim still looking to take the plunge but need more savings and reserves
- Nov 6, 2012
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monstar
Any first home buyer programs out there?
- Feb 6, 2010
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capital sb
varies from city to city but the bmr programs are real competitive and most require that you have lived or worked in the city or town you are applying foroakland has some dp assistance but the market is so competitive that a house will come up and youll have over 100 people submitting applications.
It also doesn't help that im in sales and based on the threshold they are looking for I make to much, which is really barely over the limits set smh
Should did a bmr program when my mom told me to do it 3 years ago smh
Wish my job would let me move back to the atl and work remote smh
- Nov 6, 2012
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@monstar Wow thats crazy I wish you luck man you will get your house. The income limit is the exact reason why I am buying now right out of college. In a few years I will be over the limits, they really set them low imo especially since its overall household income.
- Feb 6, 2010
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Thanks man. Crazy part is income limit for a single person in a 2bed 2 bath condo if u r selected will still run u 315-350k.
And if ur a single person the limit will be like 65-70k so unless u got a lot to put down u still gon be at the upper end of a budget
- Jul 19, 2012
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Glad to have found this thread and have been lurking for a little while now. Very interested in purchasing a home one day; doing everything I can now while still in college/young to build up my credit and while still avoiding debt as best as I can. Long ways away from really making a move, but definitely want to prepare myself now.
Not an expert, but been trying to find ways to build credit, and one thing I found was taking out credit builder loans or SPL's (secured personal loans). Seems like a good investment towards building credit. Anyone have any experience with them?
http://ficoforums.myfico.com/t5/Und...allment-loan-what-does-this-mean/td-p/3151642
http://ficoforums.myfico.com/t5/Cre...=forum-board:creditcard&q=credit+builder+loan
Not an expert, but been trying to find ways to build credit, and one thing I found was taking out credit builder loans or SPL's (secured personal loans). Seems like a good investment towards building credit. Anyone have any experience with them?
http://ficoforums.myfico.com/t5/Und...allment-loan-what-does-this-mean/td-p/3151642
http://ficoforums.myfico.com/t5/Cre...=forum-board:creditcard&q=credit+builder+loan
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- Nov 16, 2001
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Try opening an overdraft line of credit with your checking account. Do you have student loans? If so, those go a long way towards building credit.
Otherwise, if you don't have a credit history, don't go out of your way just to build credit JUST to buy a house some day. You can get a manually underwritten loan that looks at your entire financial picture including 2 years of income statements, past bill payments, & job history. It's a bit more of a process, but then again, so is building a credit history just to get a mortgage.
Otherwise, if you don't have a credit history, don't go out of your way just to build credit JUST to buy a house some day. You can get a manually underwritten loan that looks at your entire financial picture including 2 years of income statements, past bill payments, & job history. It's a bit more of a process, but then again, so is building a credit history just to get a mortgage.
- Jul 19, 2012
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No student loans, been fortunate enough to have the financial backbone and support system to get me through school so far.
Credit score of 706 off of the soft pull from having a Discover Card (they offer free (TU?)fico checks) with about 7-8months of credit history (at 20 y/o). Kinda messed it up with high UTI first few months, but after really learning and understanding my score, been keeping it down to 10-15% UTI.
Just looked into what manual underwriting was as well, seems kind of like a last resort type of deal for those with no credit or bad history since the AUS turned up bad and now it has to be done manually by the lender. Thanks for the info.
Credit score of 706 off of the soft pull from having a Discover Card (they offer free (TU?)fico checks) with about 7-8months of credit history (at 20 y/o). Kinda messed it up with high UTI first few months, but after really learning and understanding my score, been keeping it down to 10-15% UTI.
Just looked into what manual underwriting was as well, seems kind of like a last resort type of deal for those with no credit or bad history since the AUS turned up bad and now it has to be done manually by the lender. Thanks for the info.
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- Feb 23, 2006
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Has anyone used SoFi for mortgage loans? They allow you to put down 10% with no PMI.
- Nov 6, 2012
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HankHill
If you can get a loan throughout Navy Federal their conventional loans have no PMI (100% financed, 3.5%-5% down). NASA federal also has the same loans with no PMI and you can join the CU by paying a $10-$15 membership fee.
- Nov 16, 2001
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That was pretty much where I was in college too. Don't worry about it. 30 more points and you'll be able to qualify for the best rates anyways as long as you have a decent down payment. Focus on the down payment and you should be good when the time comes. I had a mid 700's when I bought for the first time and still got jacked on the rate. Then again, my lender went under 2 weeks after closing.
- Nov 6, 2012
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dontbelikethat
Just to let you know that discover FICO score is not used in mortgage lending. My mortgage score is 30 points lower than my credit card score.
- Apr 5, 2012
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If you are buying in California (Bay Area) I would suggest waiting 6 to 8 years. Just simple economics. Even tech workers are finally starting to relocate because of the insane prices. Don't be the clown that bought at the very top of the cycle (unless it is for a family home you plan to live in for 12+ years).
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