DMV Home Buying Plan (24 Months)
Target Mortgage: $2,000 / month (Principal & Interest)
Region: Washington DC • Maryland • Virginia
1️⃣ Purchase Price Target
Target Loan Amount
$300,000 – $315,000
Ideal Purchase Price
$350,000 – $390,000
Best Property Type
Condo or Townhome
2️⃣ Monthly Housing Reality (DMV)
Mortgage (P&I)
~ $2,000
Property Tax
$250 – $350
HOA
$300 – $500
Insurance
$70 – $100
Total Monthly Housing Cost: ~$2,600 – $2,900 (normal for DMV condos)
3️⃣ First-Time Buyer Programs (DMV)
Washington DC
- HPAP – Up to $202,000 assistance
- MCC Tax Credit
- Income limits apply
Maryland
- Maryland Mortgage Program (MMP)
- DPA up to $15k–$25k
- First-Time Advantage
Virginia
- Virginia Housing Loans
- DPA grants up to 2–2.5%
- Strong condo eligibility
4️⃣ 24-Month Action Timeline
Months 1–3
- Credit cleanup (target 700+)
- Reduce card utilization below 10%
- Stabilize income
Months 4–12
- Save $40k–$70k total
- Prepare DPA applications
- Build reserves
Months 13–18
- Underwritten pre-approval
- Target loan ≤ $315k
- Condo approval list
Months 19–24
- Buy window (Dec–Feb best)
- Negotiate seller credits
- Plan refinance later
5️⃣ Key Rules to Win
- Focus on condos/townhomes
- Use assistance programs aggressively
- Avoid bidding wars
- Marry the house, date the rate
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