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Washington, DC suburbs in Maryland Calvert County, Charles County, Montgomery County, and Prince George's County
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Old 07-29-2021, 06:06 PM
 
Location: Alexandria, VA
2,389 posts, read 3,473,713 times
Reputation: 2893

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I have questions about buying in these areas, as well as homebuyer programs available that I may qualify for and would appreciate any feedback that current or previous homeowners can provide here.

I'm 37, mid-career local government employee, a DC native currently renting a studio apartment in Potomac Yard/Del Ray in Alexandria, VA. I've been taking a first-time homebuyer course through Freddie Mac and saving cash for upfront costs. I want to move into a house within the next 3 months. I've settled on moving to middle class and affluent African American areas in PG County beyond the beltway. I also have family in Upper Marlboro, Queen Anne and Largo. I work remotely and plan to continue teleworking.

I have not yet spoken with a mortgage loan officer to get pre-approval but I'm confident I'll be approved for $350-$430 based on credit karma estimates from my credit history. I also don't have a realtor yet. I have no idea what to do first. I only have $10k cash and intend to use a down payment/closing cost assistance program in Maryland. This will be a two-income household, no children. I'm an enrolled member of Piscataway Conoy Tribe. Not a veteran. Household income $125k, 2 adults, no dependents.

What was your experience with buying a home for the first time in these towns, and what first-time homebuyer assistance programs did you get?

Did you have to complete a class?

Did you have to be approved for the program before or after pre-approval from a lender?

How long did it take to be approved for the down payment assistance?

How many hard inquiries did you have to get on your credit report before final approval?

Are there well-known preferred lenders and realtors that people in these areas use and recommend?
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Old 07-29-2021, 08:42 PM
 
Location: On the Chesapeake
41,533 posts, read 54,125,658 times
Reputation: 55922
I would tell you to first find a buyer's agent.

https://mmp.maryland.gov/Pages/Programs.aspx

As a government employee you might want to look at the credit union affiliated with your employer.

https://ncuso.org/credit-union/md/

As far as commercial banks go I found BBT to be one of the best. Having said that I don't know now that they've been taken over, excuse me-merged with, SunTrust (now called Truist).

If you have, or are planning to have, children you need to pay attention to the school quality where you decide to buy.
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Old 07-30-2021, 07:36 AM
 
Location: On the Chesapeake
41,533 posts, read 54,125,658 times
Reputation: 55922
I would also add that three months might be an aggressive schedule since you're starting from zero. Appraisers, loan officers, everyone involved in transferring real estate is swamped right now.
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Old 10-07-2021, 08:58 PM
 
116 posts, read 77,527 times
Reputation: 220
Do you have any updates? How did the home purchase go?



Quote:
Originally Posted by Yiuppy View Post
I have questions about buying in these areas, as well as homebuyer programs available that I may qualify for and would appreciate any feedback that current or previous homeowners can provide here.

I'm 37, mid-career local government employee, a DC native currently renting a studio apartment in Potomac Yard/Del Ray in Alexandria, VA. I've been taking a first-time homebuyer course through Freddie Mac and saving cash for upfront costs. I want to move into a house within the next 3 months. I've settled on moving to middle class and affluent African American areas in PG County beyond the beltway. I also have family in Upper Marlboro, Queen Anne and Largo. I work remotely and plan to continue teleworking.

I have not yet spoken with a mortgage loan officer to get pre-approval but I'm confident I'll be approved for $350-$430 based on credit karma estimates from my credit history. I also don't have a realtor yet. I have no idea what to do first. I only have $10k cash and intend to use a down payment/closing cost assistance program in Maryland. This will be a two-income household, no children. I'm an enrolled member of Piscataway Conoy Tribe. Not a veteran. Household income $125k, 2 adults, no dependents.

What was your experience with buying a home for the first time in these towns, and what first-time homebuyer assistance programs did you get?

Did you have to complete a class?

Did you have to be approved for the program before or after pre-approval from a lender?

How long did it take to be approved for the down payment assistance?

How many hard inquiries did you have to get on your credit report before final approval?

Are there well-known preferred lenders and realtors that people in these areas use and recommend?
Rate this post positively Reply With Quote Quick reply to this message
 
Old 10-14-2021, 09:07 AM
 
Location: Bethesda
13 posts, read 8,029 times
Reputation: 12
You don't need to take a class, but do need to find a buyer agent and talk to at least 3 loan officers to get a better idea about your affordability and start from there.

You just need a few minutes to learn your budget, then asking for a pre-approval letter from any loan officer. Your total budget=the pre-approval amount+your down payment (10k in this case). It's safe to put a 20% downpayment, but 5% will do fine. Each loan officer has different programs/rates/relationships with the banks so it's difficult to say at this point. But after chatting with them they should be able to give you an estimate.

I'm a real esate agent and have a couple of efficient and trust worthy loan officers, please direct message me if needed. Thanks.
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