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First Payment
Mortgage payments are due on the 1st of the month. However they are not considered late unless the payment is received after the 15th of the month. And so your payment is “on time” if it’s received at any point up to the 15th. The “June 1st” payment is not late unless it is received…
Read MoreEstimating DC Property Taxes
Here is a tutorial to how I estimate property taxes. DC’s property tax rate for Class 1 residential property is .85%/year of the assessed value. So if a property is assessed at $100,000, the annual taxes would therefore be $850 a year. However DC homeowners might have reductions to their tax bill for a number…
Read MoreTowns on Grove
As of 5/3/21, Towns on Grove is now sold out. Hi! Thank you for your interest in pre-qualifying to purchase workforce housing for the Towns on Grove. It’s a pleasure to be of assistance. This website serves as instructions for how to begin. All adults in the household should apply for the purchase. To learn…
Read More2021 Loan limits
Each year, the Federal Housing Finance Agency publishes loan limits. These loan limits impact financing on almost every loan program. 2021 loan limits are out! The 2021 conforming maximum limit is now $548,250 (minimum 3% down) The 2021 jumbo conforming maximum limit is now $822,375 (minimum 5% down) By increasing the loan limits from…
Read MoreFamily Lending
Mortgage guidelines have specific rules on allowable sources of funds for down payment and closing costs. In most instances gifts from family are allowed. Gifts are money that will never be repaid. Sometimes clients ask about getting loans from family for their purchase. This blog post overviews the rules for this arrangement and copies guidelines…
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