Current home buying programs are designed to help you buy your first condominium or home in downtown Washington, D.C. Our group of agents.
Fist time Home buyer in Washington DC Area. 1. DCRealtyonline.com DCRealtyOnline answers the tough questions about today’s real estate market So, you’re thinking about buying and selling?. Who is Payam? My Goal To provide intensive high quality service to a small number of carefully selected clients. Employment History For the past several years I have been assisting clients in finding the “home of their dreams”. My main job is that of a Transaction Manager.
This requires me to guide them through the home buying or selling process, which can be overwhelming at first glance. I must coordinate with other real estate agents, lenders, appraisers, home inspectors and settlement companies to ensure that all the details of the transaction are completed. This includes writing and negotiating offers for both sellers and buyers. I am currently the Manager of the Logan Circle office in downtown DC. I am licensed in Maryland and Washington, DC. As the Computer Analyst system at National Academy & Hanley wood in Washington, DC, I was responsible for Maintain & Track Computer Security and other maintenances. This required interacting with more than 300 users to develop relation ship with them & resolve their computers concern.
I worked with and IT groups whiting the institutes to discuss prevention strategies, against computer bugs and computer security related. Education Over 10 years of customer service & Client relations experience Established Real Estate Online services. Computer Networking, and Other related certifications BS in Computer & Electric sciences Personal Information Originally from Iran & Grow Up In Israel, I have made my home in Washington, DC for the past 13 years.
There are so many things that I love to doBoating, Fishing, cook, traveling, Home remodeling and Dogsjust to name a few. I live in the Shaw/Logan section of Washington, DC with my two dogs. Concerns & Questions What concerns or questions may we answer before we get started?. What we’ll cover Real estate agency laws (and how we get paid!) Buying a home in today’s market Selling a home in today’s market Timing and settlement The current real estate market. Thoroughly boring agency laws In DC & Virginia The legal presumption is that the buyers’ agent represents the SELLER. In Maryland The legal presumption is that the buyers’ agent represents the BUYER.
How do agents get paid? Where does the commission come from?
Who pays the commission? When is the commission owed? When is the commission paid?. Buying a home in today’s market. Buying first vs.
Selling first Considerations Financing (HELOC or bridge loan) Renting? Advantages Easy to stage Easy to arrange access Disadvantages Uncertainty of today’s market. DC TAX CREDIT $5000 DC TAX NOT OWN PROPERTY IN DC FOR PAST ONE YEAR SALARY - $70K OR LESS FOR SINGLE SALARY - $110K OR LESS FOR MARRIED.
FEDRAL TAX CREDIT IN DC $8000K FOR FIRST TIME HOME BUYERS NOT OWN IN DC FOR PAST 3 YEARS $145K OR LESS FOR SINGLE $245K OR LESS FOR MARRIED Expands the credit up to $6500 to current Home owners purchasing before April 30 th, who have used the home being sold as principal resident for five consecutive years within the last 8. The home-buying process If you ask us to represent you as your exclusive buyer’s agents, we immediately initiate the following process We’ll set up an automatic MLS search We’ll begin sending you periodic e-mail updates with new listings. The home-buying process You’ll begin to narrow your search by vetting locations and neighborhoods Drive by Walk by Internet research. The home-buying process As you begin to see provocative listings, e-mail us. We will make arrangements for you to see those listings. “ Wet hair, lather, rinse, repeat.”.
The home-buying process After we repeat this process a few times, you’re likely to find the home of your dreams. You may have some questions that you’ll want to have answered. The home-buying process Writing the offer (2 hours) Price Terms Earnest-money deposit check Presenting the offer To the seller To the agent To the fax machine!.
The home-buying process Negotiating the contract Ratifying the contract!. First, the anti-climax Then, the freak-out stage “ What on earth have I done?!?” This is NOT buyer’s remorse! Perfectly natural. From contract to closing Three to six weeks after ratification Inspections (home/termite) Loan application and underwriting Don’t quit your day job. Don’t max out your credit cards at the Storehouse or Ikea. Don’t buy a new car.
Appraisal & certifications Title history Insurance. Congratulations On Your Home Purchase Working with DCRealtorOnline If you were happy from our Service, Please refer your Friends and Family Members.
Buying your first home can be an exciting and sometimes nerve-wracking experience. Many first time homebuyers (FTHB's) are unsure what options are available for financing and what the down-payment requirements are. For example many FTHB's think that you need 20% available for a down-payment which is not the case! There are certain programs that may allow you to put as little as 3% down or even 0% down when using available down-payment assistance programs. If you want to learn more about FTHB programs see below. For more general information please visit our page. Searching for the programs available in the area you want to buy can be time consuming and confusing.but don't fret!
Good news is we've compiled the most popular for you here. The information below is just the basics.
We've provided links to the various program websites and if there is a program you'd like to learn more about, please contact us and we'll be happy to have a more detailed discussion regarding guidelines and what program(s) are best for you. DC Programs.Beginning with deeds recorded on or after October 1, 2017, the recordation tax for 'first-time District homebuyers' purchasing 'eligible property' will be reduced! Please click to read more about the eligibility requirements and see if you qualify. There are a few programs available in DC that you may qualify for. They all have income restrictions and, depending on the program, may have loan amount and sales price restrictions. DC Open Doors is a program offered by the DC Housing Finance Agency(DCHFA that provides multiple financing options and down-payment assistance.
Highlights of the program include:. Conventional and FHA options. Down-payment as low as 3% of the purchase price. Down-payment assistance loans(DPAL) of up to 3.5% of purchase price with FHA financing and 3% conventional financing. No monthly payment required on the DPAL and the amount is forgiveable over 5 years(20% annually) unless you sell, refinance, or rent out the property within the first 5 years. Lower mortgage insurance premiums with the conventional option vs.
Traditional conventional financing. Current maximum borrower income of $132,360 annually Click to visit the DC Open Doors website to learn more. First Home Mortgage is the #1 lending partner with DC Open Doors.
Contact me today to see if DC Open Doors is the right program for you! Mortgage Credit Certification (MCC) provides qualified borrowers the ability to claim a Federal Tax Credit of 20% of the mortgage interest paid during each calendar year.
This program can be paired with DC Open Doors or traditional conventional, FHA and VA financing. MCC requires you to be a first time homebuyer which they define as not having owned a home in the past 3 years.
There is an exception for residences purchased in targeted areas or Veteran's utilizing a one time exception. To learn more please click to visit the MCC page provided by the DCHFA. Home Purchase Assistance Program (HPAP) is a first time home buyer program that allows lower and moderate income individuals and families to purchase affordable housing in Washington DC.
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HPAP considers a first time homebuyer to be someone who has not had any oBewnership interest in a property within the 3 years prior to application. The financial assistance can be sizeable, currently up to $80,000! It is a down-payment assistance program and can be used in conjunction with certain conventional, FHA and DC Open Doors financing. Below is a copy of the current income tables that are used to determine the maximum assistance you may be eligible for. You can click to visit the HPAP website to learn more. DC Tax Abatement Program is a program designed by the City that can reduce your closing costs at settlement and exempt you from paying your property tax bill for the first 5 years you live in the home(beginning the next full tax year).
If you qualify, you will be exempt from paying the DC Recordation Tax at settlement and are allowed to receive a credit from the seller that's equal to the DC transfer tax as well. This could amount to a credit of up to 2.9% of the sales price! As of January 1st 2016 the program requirements are as follows:. The purchase price for the property must be $456,000 or less. The property must be a principal residence.
The purchaser must be a current DC resident. You will be required to provide a DC driver's license, be registered to vote in DC and File DC Personal Income Taxes. Meet the income thresholds.
Maryland Programs There are a number of programs in Maryland and we've listed the most prominent below. There are many that are county specific and if you'd like more information on those please contact us! Maryland Mortgage Program (MMP) is a program offered by the Maryland Housing Finance Agency that provides rates that are often lower than market and down-payment assistance. MMP considers a first time buyer to be someone that hasn't owned a home in the past 3 years(there are a couple of exceptions). You are required to take a homebuyer education course but that can be done online and it's free.
Below is a quick link to the program eligibility page or you can click to visit the MMP website to learn more. Home Opportunities Commission (HOC) is a program offered in Montgomery County that is similar to the MMP. It has the same ownership requirement as the MMP( 3 years) and you must take a homebuyer education course that can be done online at no cost. Below is a quick link to the program income and sales price limits and you can click to visit the HOC website to learn more. Virginia Programs VHDA is a program offered by the Virginia Housing Development Authority and offers a wide array of mortgage products.
The income and sales price limits are based on the geographic area the home is located in. This program is limited to borrowers who have never owned a home or who have not owned in the past three years with the exception of Federal Targeted Areas. Higher sales prices/loan and income limits are available for properties located in these designated areas.
Below is a link with the current income and sales price/loan limits. You can click to visit the VHDA website to learn more. This is not a commitment to lend. Terms and conditions of programs, products and services are subject to change. All loans are subject to credit approval and property appraisal. Certain restrictions may apply on all programs. First Home Mortgage Corporation of America, First Home Mortgage Services, Maryland First Home Mortgage Company, and First Home Mortgage Company of Maryland are d/b/a's of First Home Mortgage Corporation.
First Home Mortgage Corporation is licensed in Connecticut, Delaware, District of Columbia, Florida, Georgia Residential Mortgage Licensee, Indiana, Kentucky, Maine, Maryland, Massachusetts Mortgage Lender and Broker (Lic. #MC71603), Michigan, Licensed by the New Hampshire Banking Department, Licensed by the New Jersey Department of Banking and Insurance, North Carolina, Pennsylvania, Rhode Island Licensed Lender and Broker, South Carolina, Tennessee, Virginia, West Virginia. Equal Housing Lender. First Home Mortgage Corporation NMLS ID #71603.