Close It!™ House of the Week: Views of majestic Meridian Hill

This week we're taking a look at 1 bedroom condo, one of the last remaining in a brand new development that overlooks Meridian Hill Park. It's listed at $354,000.

The location is equidistant to the Columbia Heights and U Street Metro stop. Endless restaurants, bars and shops are within walking distance. Residents at the Lawrence House have access to a communal 1500-square-foot roof deck with built-in cooking facilities as well as a beautifully landscaped rear garden. The units themselves are finished with custom European cabinetry and exotic stone surfaces.

Assuming a homebuyer puts down 20 percent on a conventional loan, her cash to close number will be approximately $81,038.83. Monthly mortgage payments will then be around $1,537.92 per month (excluding HOA fees). For a complete picture of the cash to close, including the seller's side of the transaction, try the Web version of Close It™ or download the free Close It™ iOS app.

Income, purchase price limits for DC Tax Abatement increase

Income, purchase price limits for DC Tax Abatement increase

The purchase price and qualifying income limits for the District of Columbia's popular tax abatement program have gone up, according to the Office of Tax and Revenue, which should be good news for local homebuyers who have seen median home prices soar over $500,000 in recent months.

Under the latest guidelines, purchase price may not exceed $408,000. Somewhere in the neighborhood of 400 homes are currently on the market in Washington, DC at a list price that meets the purchase price qualification for DC Tax Abatement, based on a quick search on Home Snap.

Limits on household income, the other major qualifying factor for DC Tax Abatement, also increased. Review the income qualification table below:

Persons in household
Household income limits
1.
$57,120
2.
$65,280
3.
$73,440
4.
$81,600
5.
$88,140
6.
$94,680
7.
$101,220
8.
$107,760

For those who haven't stopped by in a while, we recently revamped our page on the DC Tax Abatement program. There we answer several commonly asked questions about the program and address some of the finer points on qualification criteria. The topic of household income, for example, is a popular one.

The DC Tax Abatement program is one of our favorite topics to write about. Check out our collection of articles on DC Tax Abatement to learn more about how the program works and how to qualify.

Maximum VA Loan county limits updated for 2016

Maximum VA Loan county limits updated for 2016

The Department of Veterans Affairs Loan Guaranty Program recently published county “limits” to be used for VA Loans effective January 1, 2016.

Please note, these limits do not reflect a maximum amount that an eligible veteran is permitted to borrow, but rather, reflects the VA’s maximum guaranty amount for a particular county. The maximum VA guaranty amount for loans over $144,000 is 25% of the 2016 VA limit.

For example, an eligible veteran may borrow up to $625,500 to purchase a property in Washington, DC (2016 VA limit), with the VA guaranteeing 25% of the loan amount, or approximately $156,375.00. These amounts have remained unchanged in most of the DC Metro Region compared to the 2015 VA limits.

The limits listed below are for some counties in Maryland and Virginia, as well as for the District of Columbia. For a complete list of the county limits for 2016, please click the chart of conforming loan limits. If your county is not listed on the county limits chart on the VA website, the 2016 limit is $417,000.

State
County
2016 VA Limit
DC
District of Columbia
$625,500
MD
Anne Arundel
$517,500
MD
Frederick
$625,500
MD
Howard
$517,500
MD
Montgomery
$625,500
MD
Prince George's
$625,500
MD
Alexandria
$625,500
VA
Arlington
$625,500
VA
Fairfax
$625,500
VA
Falls Church
$625,500
VA
Fauquier
$625,500
VA
Loudoun
$625,500
VA
Manassas
$625,500
VA
Prince William
$625,500

Close It!™ House of the Week: First time on the market

This week we're making our way across town to the H Street Corridor in Northeast, D.C. to check out an interior row house with 2 bedrooms and 2.5 bathrooms. The property is more than 100 years old, but appears to have been completely renovated and, according to the listing, has never before been on the market. List price is $619,900.

The kitchen features white marble counter-tops that contrast beautifully with stainless steel appliances. The refinished hardwood floors emit a sense of warmth throughout while preserving some of the home's original character. The location is a mere blocks from the restaurants, theaters and unique bars H Street has to offer.

Assuming a homebuyer puts down 20 percent on a conventional loan, her cash to close number will be approximately $123,980. Monthly payments will then be around $2,747.89 per month, plus a $244 monthly HOA fee. For a complete picture of the cash to close, including the seller's side of the transaction, try the Web version of Close It™ or download the free Close It™ iOS app.

Help wanted: Settlement Coordinator

Help wanted: Settlement Coordinator

The largest independently owned title company serving the Washington, D.C. metro area is in need of a Settlement Coordinator with a minimum of one year of professional experience handling real estate transactions in the District of Columbia, Maryland and Virginia.

This opportunity offers benefits and salary commensurate with experience. Submit a resume and cover letter to apply.

About the employer
Federal Title & Escrow Company is a forward thinking real estate settlement service provider that's known for providing top-notch customer service and implementing technology in creative ways to streamline the closing process. Independently owned and operated since 1996.
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Our blog contains general information only, not intended to be relied upon as, nor a substitute for, specific professional advice. Rate tables and figures that appear on our blog are deemed reliable but not guaranteed. For current rates & policies, refer to our Quick Quote and Consumer Guide. We accept no responsibility for loss occasioned to any purpose acting on or refraining from action as a result of any material on our blog.