Blog
Buydowns
An interest rate buydown will decrease the interest rate for the first 1-2 years. There exists in the mortgage industry both a 1 year buydown and also a 2-1 buydown. For example in a 1 year buydown, let’s say the starting interest rate is 6%. For the first year, thanks to the buydown, the interest…
Read MoreFHA Single Unit Approval
In October 2019, FHA (Federal Housing Administration) introduced the Single Unit Approval (SUA). This allows us to approve individual condominium units within a condominium that doesn’t have an existing approval for the condo association as a whole. The SUA provides a much quicker review process to approve an individual condo unit, rather than pursuing a…
Read MoreMcHaf
As of December 2024 the funds are exhausted. It is unknown if the program will be refunded this fiscal year. Historically the program has been funded in August. If you’re looking for a competing program with grant funds of similar amounts, check out FHLB which is funded 2/24/25. https://alexjaffe.com/fhlb Montgomery County HOC announced today (8/4/23)…
Read MoreFirst 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…
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