Profile picture for serrant

How much (minimum) do I need to buy?

I only have $10k saved up. But I would like to buy now if I can. I'm not looking for anything over the top, just a 1BR condo or townhouse would be perfect. Is anyone familiar with the Washington, DC market who could help me? I'm looking into several homebuying assistance programs for homebuyers. But need all the information I can get. Thx!
  • August 26 2010 - Washington
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Answers (2)

Profile picture for wetdawgs
Assuming you are not qualified for a VA loan, you need a 3.5% down payment plus closing costs (another 2 to 4%).    It is also prudent to have some extra, as home ownership is not with out costs above and beyond renting. 
  • August 26 2010
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I work in DC and can help you find what you are looking for, the best way to know what you are able to afford is to sit down with a lender. Just so you know there are tax credits available for first time buyers in DC, there is also a program for first time buyers that requires 0% down (this is all assuming you are a first time buyer). Other alternatives are the FHA or VA loan. FHA allows 3.5% down but some condos are not FHA approved and you may find hurdles when trying to buy them (this is all case by case). VA does not require any downpayment, however this loan isn't readily available to the general public as it is geared toward active or former members of the armed forces.

I'd be more than happy to sit down with you and talk to you about your options, there are plenty of properties out there and it is a great time to buy with rates at all time lows. Home ownership is now more affordable than ever. Visit my website www.MonumentalHomeDecisions.com to learn more about me should you wish to move forward. You can also find my contact info here on Zillow. Good luck to you!
  • August 30 2010
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