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Many buyers think that an FHA loan should only be used as a last resort. Indeed, more often than not conventional loans are the way to go over FHA (which stands for Federal Housing Administration) loans. However, if you’re only able to put 3% or 3.5% cash down on a property, an FHA loan could make more sense for you. Home prices in the DC area have skyrocketed in the last few years, and with that comes more difficulty on the part of buyers to put a greater percentage down on a property. What exactly are the pro’s and con’s of FHA loans? Well, that’s exactly what we’re here to tell you:

Pro’s:

1. The buyer only has to put down 3.5% of the total sales price on a property.

2. 100% of the down payment can be a gift from a family member, friend,…

Refinancing Your Home in Washington DC

When refinancing your home in Washington DC you should follow these steps:

1.   Get an idea of what your Washington DC home is worth.  Email or call us and ask for the recent sales comparables that are similar to your home.  This should give you an idea of what your home is worth so you can decide if refinancing is worth exploring. 

2.  Contact a lender.  Contact a lender to see what they can offer you.  Give them all of your info and ask them what rate they can provide for refinancing your home in Washington DC.  Rates recently have been as low as 3.5% for a 30 year fixed and even lower for 15 year loans.  Ask them to provide you with a Good Faith Estimate (GFE) so you know what your closing costs look like. …

Generally speaking your offer will be based on a few key factors:

1) The most recent comparable sales.
2) How long the property has been on the market. 
3) How much competition is out there.  For example: Are there multiple offers? Has the seller received a previous offer that wouldn't work for them?
4) Terms: It's not always just about price!  If you can work with the seller on terms such as the closing date, the inspection, a potential rent back etc you may have extra leverage.

If you're a buyer looking to make your offer more attractive without offering more money, you'll need to adjust your terms. Remember, it's not just the offer price that may sway the seller in your direction; well crafted terms may make the difference between losing out on an…