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Ask any lender or real estate agent and they can explain some of the difficulties when buying a condo.
There are over 150,000 condo projects, and “…only 6.5% are approved to participate in FHA’s mortgage insurance programs.” FHA can be a great way for many first time buyers to purchase their first home. A condo most likely will be at the price most can afford. Thus, something needed to be done with the condominium approval process.
Starting October 15 there could be between 20,000 to 60,000 additional units eligible through FHA.
Here’s a look at condos for sale under $400,000;
BJ Matson, Realtor®
Home Buying Advisor • RE/MAX
★★★★★ Client Reviews
Get your Montgomery County
>>Homebuyer’s Guide – Programs & Benefits
350k / 5k / 2300
$5,000 needed at closing – $350,000 home – pay $2,300 a month
If your total household income is a minimum of $89,000 you may be eligible. Below are some examples of listings that can be purchased with a total of $5,000 needed at closing. Includes down payment and closing costs… and if you qualify, will be your estimated final amount needed to secure your loan for your new home.
Estimated total monthly payment in many of below examples will add up to just around $2,300/month depending on amount of hoa and/or condo fees. Monthly amount includes property taxes, condo/hoa fees, insurance… These numbers are accurate, but they are estimates, and exact figures can be calculated once a final sales price is negotiated and actual numbers for homeowner insurance and anything else are confirmed.
Ask me about any of the properties listed below to run numbers. Or higher and lower prices depending on what you qualify for. Also make sure to request your Homebuyer’s Guide.
*above numbers are an estimate as we try to be as accurate as possible. Interest rates were pulled from today’s market rate for a 30 year fixed, erring on the conservative side. Programs apply to Montgomery County and certain qualifying guidelines must be met including good credit, and meeting qualifying debt ratios regarding income and debts.
Condo for sale in Americana Centre
$258,900 sales price
Did you know you may be eligible to purchase this condo in downtown Rockville for a total of $4,000 out of pocket and a total monthly payment of $2,568… this payment includes your condo fee, which includes your utilities.
Qualify for this or one of the other low down – low monthly payment scenarios listed below.
– more Rockville condos for sale
estimated total payment
*utilities are included!
$2,568 – 0% down (not va or usda)
$2,652 – 3% down
$2,614 – 5% down
$2,320 – 5% down special
estimated total funds needed
$4,000 – 0% down
$18,900 – 3% down (ask me how to get this down to $11,100)
$23,500 – 5% down (ask me how to get this down to $16,000)
$23,500 – 5% down special (“… 16k)
minimum household income to qualify
$81,000 – 0% down
$92,500 – 3% down
$89,500 – 5% down
$78,000 – 5% down special
further cost savings – ask me about
$647 – 1st time MoCo buyer transfer
$250 – 1st time MoCo buyer rebate
$250 – MoCo buyer rebate
$450 – 1 year home warranty coverage
>>GO HERE<< to get started. Let’s get it done! Buy for the best price, lowest costs, least funds out of pocket, and lowest monthly payment. Talk with me first, before you sit down with a Lender. Don’t miss this one or the next condo you love that hits the market.
BJ Matson 301-881-8900
*numbers are an estimate and we try to be as accurate as possible. interest rates were pulled from today’s market rate for a 30 year fixed, erring on the conservative side. 0% program applies to Montgomery County however certain limits are in place.