First Time Homebuyer Advice Needed (Bowie, Indian Head: condos, low crime, mortgage)

[Newtothishomebuyingthing]

Hello,

I am looking to purchase within 3-6 months. My husband and I are not sure whether we want to buy new construction or an older home. We are looking for a home that's no more than $350k in Prince George;s County Maryland or Calvert County. Can you please provide advice on mortgage options, great locations for 20 somethings, no children ( but looking to start a family soon after buying), safe location (low crime) and close to the Beltway.

Combined income: $156k
Desired mortgage: $1,500
Area: Prince George's County or Calvert County
Desired home size: Townhouse or Single Family (no condos)

We are hoping that we are approved by Navy Federal under the 100% mortgage.

Your input is greatly appreciated!

[cjmeck]

The NFCU 100% conv. loan program is a good one; interest rates are a bit higher though and there is a "funding fee". You might consider a FHA loan as the interest rate is often lower than NFCU's 100% loan so ask your loan officer to run both. Additionally, many mortgage companies have 80/15/5 loans--basically 5% down payment, no PMI. Locations... have you considered Bowie?

[DaveinMtAiry]

Do not do as I did. I was so interested in getting the lowest rate, and payment, that I paid several points to get a lower rate. Stupid idea. With a plan for 100% financing this does not sound like your plan but it's the first thing I think of when I talk to first time buyers.

[Newtothishomebuyingthing]

Good Morning and thank you.

We were pre-qualified through Navy Federal for 100% financing and FHA. FHA interest rate is a little lower however the down payment and monthly payments are higher. We dont want to spend our whole savings on the downpayment.

After seeing the numbers on paper we decided to lower or budget by $100k. We are now looking for homes between $220-250k. Are there any locations that have move in ready homes?

Do anyone know the Indain Head, Md area? Homes are affordable in that area.

[jonbenya]

Originally Posted by Newtothishomebuyingthing

Good Morning and thank you.

We were pre-qualified through Navy Federal for 100% financing and FHA. FHA interest rate is a little lower however the down payment and monthly payments are higher. We dont want to spend our whole savings on the downpayment.

After seeing the numbers on paper we decided to lower or budget by $100k. We are now looking for homes between $220-250k. Are there any locations that have move in ready homes?

Do anyone know the Indain Head, Md area? Homes are affordable in that area.

New construction in that price point will be tough, but you can certainly find resale homes in that price range in the Indian Head area. Indian Head is unusual because it's got the base right there, but you can expect a 15-20 minute minimum drive to go to the grocery store or other shopping. If you want something that has some acreage and you can't necessarily see your neighbors, it's a good place to be.