Any one qualify and interested in a condo?

[azpapillion]

Feel free to forward to anyone who you know might be interested:

An Affordable Set-aside Resale Unit at The Preston Condominium is now being marketed.  The Preston is located at 181 E. Reed Avenue, just across from the Potomac Yard Shopping Center.  This relatively new unit is being sold at the discounted price of $257,471 with the option of

Comments

[spikywheel]

Sorry, but $250K for a first home (must be first-time home buyer)? Geez. I'm glad we got in the market when I could buy a condo for under $100K. I couldn't afford anything now..

[azpapillion]

Yeah, this is still a touch market for purchasing. The city does help out with $30k for a 99 year no interest, no payment loan, plus another $20k available in funds that were at 30 year 5% fixed rate, no interest or payments for the first 3 years, then another 1/2% possible for interest rate reduction. Alexandria is really trying to help people purchase properties...

[greta_k]

I don't know. I personally have an issue with no interest or payments for three years. It works for some people, but the Scot in me gets very suspicious. The first mortgage person we spoke was trying to sell us on a 30 year fixed with no interest payment for the first 10 years, and I damned near laughed in his face. "And how much house would we OWN after 10 years, and how much money would we still OWE after 10 years?" Right. Needless to say, we did not go with that company.

Of course, I'm the same person who rolls her eyes whenever I hear advertisements about how wonderful it is to lease a car as opposed to buying it (with as long as I keep my cars? pah-leeze). Guess I have a thing about ownership.

[azpapillion]

Yes, I am too, but its a great tool (again from the city) to help someone get into a home. The interest rate is less than most mortgages at 5% and the loan is fully amortized over the remaining 27 years.

Normally I would think the same thing as you with the mortgage, but it is personally what allowed me to buy the place at all. And so far, I still owe the full 20k and with any luck, i will not have any payments at all (if we are closed by march 15th) and will have had use of the city's money for the last 3 years without having to pay a dime.

I fully agree with you about leasing!

[azpapillion]

The only thing that Alexandria expects is a cash contribution of $3,000.

And yes, its not impossible if you are thrifty. I bought this when what I was making had the purchase price over 4 times my income and I could have done it. It would not have been easy, but it would have been doable.