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Closing Costs

Found 19 blog entries about Closing Costs.

hill east real estate for sale

Yes, the name Hill East is as simple as it sounds: It’s the DC neighborhood to the east of Capitol Hill. For many years it has been categorized as an extension or offshoot of Capitol Hill and lacked its own identity, but all of that will be changing soon. There are plans in the works for a large-scale mixed-use development known as Reservation 13. 

At present, Hill East is distinguishable from Capitol Hill by its real estate trend of simple and honest brick rowhomes, many of which, depending on location, have front yards as well as back gardens. This housing stock is akin to that of Petworth, in its working-class roots and promotion of neighborliness. Because of the neighborhood's recent rise in prominence, Hill East property values have been

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1.  How much can I borrow to buy a home?
When determining how much you can borrow, lenders may consider your income level compared with debt, your employment status and your credit history. Talk to a lender about getting prequalified for a mortgage before you start shopping for your new home. This can make the whole experience go more smoothly.
Military veterans and first-time homebuyers may be eligible for special government-sponsored mortgage programs. Ask your lender what you might qualify for.

2.  How much money do I need to put down?
To get the best rate and terms for your loan, try to put down at least 20 percent of the purchase price. Although a lower down payment won’t necessarily disqualify you, there is a chance that a monthly private mortgage

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Address: 1111 24th St NW
Type: 
Condos
No. of units: 71

Affordable Housing:
 N/A
Type of Unit: 
One-, Two-, Three- bedroom
Price: 
$1.2 M - $4.2 M
Status: 
In Sales
First Move-in:
 Sept. 2017
Developer:
EastBanc., Inc.

 

Westlight Condo | West End

The Westlight Condos are located in prime real estate—centered in the West End of the city, near Georgetown, Dupont Circle and Downtown D.C.

The condos are designed by the architect Enrique Norten, with features by artist Ingo Maurer. Their signature is all over the building, from its cantilevered glass building façade to breathtaking sun-drenched views from floor to ceiling windows.

The 71 condos are part of a 10-story building that includes an expansive library and over 7,000 square feet of retail

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Buyers in DC's competitive real estate market will likely find themselves in a multiple offer scenario. It's a stress-inducing situation...you've finally found the perfect listing, and now lots of other buyers want it too! What's the best way forward? First off, it's important to understand how most multiple-offer-scenarios play out.

Often times, when the listing agent feels confident there will be more than one offer, they will set an offer deadline. The deadline gives potential buyers a chance to huddle with their agent and lender to make their best possible offer, which is oftentimes referred to as "highest and best" in the real estate industry. Writing a winner offer is simple...offer more than the asking price, all cash, with no contingencies,

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Investment properties available in Washington, DC.

Please note that all MLS listings are in real time. If the link is not working, it's because that property has been sold or is under contract. Don't worry, each month we send out the best investment properties! Check back soon or subscribe to our newsletter for automatic updates.

 

4301 Brandywine St. NW

The property is allowing a $7,000 seller credit for repairs, a great incentive to invest. The 4 bedroom, 3.5 bath detached home in American University Park is minutes to the Tenleytown-AU metro, the Tenley Whole Foods, shops, restaurants and more. It includes four levels of living space (including an in-law suite with a partial kitchen in the basement), hardwood floors and two master

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An overview of title insurance when it comes to owning a home.

When you buy your home, you receive a deed, which shows that the seller transferred their legal ownership to you. Legal ownership is called the “title.” Title insurance protects you in case there is any legal trouble down the line.

Title insurance is crucial when it comes to completing your home purchase. It protects you and the lender from the possibility that your seller (or previous sellers) don’t have total ownership of the house and/or property. If they don’t, they may not be able to transfer full ownership over—but title insurance prevents that from happening.

A couple of questions to ask about title insurance include “is the seller pushing a specific title company?” or “who do

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One thing that ultimately influences your mortgage rate is your credit score.

For first time home buyers, many aspects of home buying can seem daunting. We’re here to explain how your credit affects what mortgage rate you may be given once you decide to buy a home.

One thing that ultimately influences your mortgage rate is your credit score. Basically, the easiest thing to remember is: the higher your credit score, the lower interest rate on your mortgage.

A high credit score not only guarantees a lower mortgage rate, but sometimes it depends on whether you can get a home loan at all. Buyers below a FICO score of 620 have a miniscule chance of securing a mortgage, so step one to getting a home loan and low mortgage rate is working on that credit

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DC Open Doors Program
DC Open Doors Program offers first-time and repeat home buyers a Down Payment Assistance Loan that does not need to be paid back.

DC’s Housing Finance Agency, or the DCHFA, reconfigured its DC Bonds program called “DC Open Doors,” for new first time home buyer assistance, four years ago this summer. The program, which has given over $200 million in down payments for homes in the city, is now even more accessible. Those working in DC who want to live downtown but have trouble making the down payment can utilize this program.

The program and its funding are available to first time home buyers and repeat home buyers. The DC Open Doors Program is constructed around what’s called a “Down Payment Assistance Loan,” one that doesn’t have to be paid back.

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Home Loan Programs for Teachers
Home loan programs that are offered for teachers in Washington, DC.

If you're a teacher in the D.C. area, did you know there are home loan programs available for you? There are many incentives too! Programs involve up to $800 in reduced closing costs for teachers and discounted real estate agent fees—combined with the discounted closing costs you can get up to $1,600 in credits while closing.

There’s priority loan processing and donations to your school. Up to $400 in donations can be given to your preferred school program. Teachers can even choose what particular program they want to give to—music, arts, science lab, you name it!

There’s also homes for heroes programs, or discounts of up to 25 percent of your realtor fee when you’re buying and

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The District of Columbia Association of REALTORS®(DCAR) announced the First-Time Homebuyer Tax Benefit has been passed and funded by the DC Council. The First-Time Homebuyer Tax Benefit allows first time home buyers in DC to pay a .725% recordation tax on homes no more than $625,000 that earn less that 180% AMI beginning this October.

So what exactly does that mean?

First let’s talk about the recordation tax. Recordation tax is part of various closing costs and based on the purchase price. If the sale price is $399,999 or less than the DC transfer and recordation tax rate is 1.1%. Sales of $400,000 and above are taxed at the rate of 1.45%. For example, if you bought a $250,000 home in DC, the buyer and seller would each pay $2,750 in DC transfer

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