September 2019

Found 2 blog entries for September 2019.

Condos

Ask any lender or real estate agent and they can explain some of the difficulties when buying a condo.

There are over 150,000 condo projects, and "...only 6.5% are approved to participate in FHA's mortgage insurance programs."  FHA can be a great way for many first time buyers to purchase their first home.  A condo most likely will be at the price most can afford.  Thus, something needed to be done with the condominium approval process.

Starting October 15 there could be between 20,000 to Bethesda condo60,000 additional units eligible through FHA.  

Here's a look at condos for sale under $400,000;

 

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350k / 5k / 2300

$5,000 needed at closing - $350,000 home - pay $2,300 a month

If your total household income is a minimum of $89,000 you may be eligible.  Below are some examples of listings that can be purchased with a total of $5,000 needed at closing.  Includes down payment and closing costs... and if you qualify, will be your estimated final amount needed to secure your loan for your new home.  
Estimated total monthly payment in many of below examples will add up to just around $2,300/month depending on amount of hoa and/or condo fees.  Monthly amount includes property taxes, condo/hoa fees, insurance... These numbers are accurate, but they are estimates, and exact figures can be calculated once a final sales price is negotiated and actual

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