Ok, so that title is a bit misleading, but the home ownership thing happened! It'll take another year or two to renovate before I actually move. I wanted to buy in Baltimore, but things didn't quite pan out that way. I'm ending up in the Shaw/Howard community in DC. It will be a super dope 3-bedroom home after I fix it up a bit.
My agent has been absolutely invaluable. She pretty much guided me step-by-step through everything. I also got to learn from another co-worker who bought a spot in Adams Morgan last year.
A few agencies I found especially helpful:
1.) HPAP--don't let the moderate income thing fool you--DC moderate is somewhere in the low $100's.
2.) DCFA
3.) TIAA Direct Home Mortgage--crazy low mortgage rates for teachers and first-time home buyers. My interest is a flat 4%. not bad.
These programs work best if your credit is Excellent, so work on that if you need to. Also, first-time home buyers and buyers who plan to make the home their main residence have priority. There is a waiting list for HPAP, get on it as soon as you can.
More tips:
1.) Get your money right, first. Having your loan approved will give you an advantage over other buyers for a couple of reasons: 1.)You can bid confidently, within a budget 2.)Your money will be ready if you actually win the bid. Sellers will go with the buyer prepared to pay.
2.) Get a good agent. My home was a foreclosure. It was listed at 7 am. My agent called me while I was on the train at 7:15 am, told me about the spot, we looked at it during lunch, and had a bid and contract down by that afternoon. She knew what I was looking for and had my back. We had it appraised within days, then scooped it up.
3.) Job Benefits. See if your job or company offer home buying benefits to it's employees. As a first-time home buyer teaching for a DC non-profit, I was able to get a lot of help.
4.) Network. Network. Network. Never underestimate the value of knowing the right people. DC cliche, right? Whether it's a sorority sister or a co-worker or a friend, having a close relationship with someone who knows the DC housing market before you buy, someone who know what you want, will have your back, and is committed to finding you the best deal, is absolutely invaluable. My agent was up early most mornings, trolling sites for deals. I was her priority and I love her for that.
5.) Be ready for the ride. Things happen really quickly, then you get a lull when things happen slowly, then they pick back up again. Be patient and be prepared.
6.) Have an appraiser on hand. You'll need to have an appraisal done as soon as possible, especially in a competitive market. Be prepared with someone reliable.
7.) Research. I fantasized about owning a home in Ledroit Park for years, and while I wasn't lucky enough to land such swanky digs, I got pretty close. Where ever you buy, research the area, try to spend time there, talk to the residents, check the property value trends, etc.
My agent has been absolutely invaluable. She pretty much guided me step-by-step through everything. I also got to learn from another co-worker who bought a spot in Adams Morgan last year.
A few agencies I found especially helpful:
1.) HPAP--don't let the moderate income thing fool you--DC moderate is somewhere in the low $100's.
2.) DCFA
3.) TIAA Direct Home Mortgage--crazy low mortgage rates for teachers and first-time home buyers. My interest is a flat 4%. not bad.
These programs work best if your credit is Excellent, so work on that if you need to. Also, first-time home buyers and buyers who plan to make the home their main residence have priority. There is a waiting list for HPAP, get on it as soon as you can.
More tips:
1.) Get your money right, first. Having your loan approved will give you an advantage over other buyers for a couple of reasons: 1.)You can bid confidently, within a budget 2.)Your money will be ready if you actually win the bid. Sellers will go with the buyer prepared to pay.
2.) Get a good agent. My home was a foreclosure. It was listed at 7 am. My agent called me while I was on the train at 7:15 am, told me about the spot, we looked at it during lunch, and had a bid and contract down by that afternoon. She knew what I was looking for and had my back. We had it appraised within days, then scooped it up.
3.) Job Benefits. See if your job or company offer home buying benefits to it's employees. As a first-time home buyer teaching for a DC non-profit, I was able to get a lot of help.
4.) Network. Network. Network. Never underestimate the value of knowing the right people. DC cliche, right? Whether it's a sorority sister or a co-worker or a friend, having a close relationship with someone who knows the DC housing market before you buy, someone who know what you want, will have your back, and is committed to finding you the best deal, is absolutely invaluable. My agent was up early most mornings, trolling sites for deals. I was her priority and I love her for that.
5.) Be ready for the ride. Things happen really quickly, then you get a lull when things happen slowly, then they pick back up again. Be patient and be prepared.
6.) Have an appraiser on hand. You'll need to have an appraisal done as soon as possible, especially in a competitive market. Be prepared with someone reliable.
7.) Research. I fantasized about owning a home in Ledroit Park for years, and while I wasn't lucky enough to land such swanky digs, I got pretty close. Where ever you buy, research the area, try to spend time there, talk to the residents, check the property value trends, etc.
Congratulations! That's so exciting!
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