DMV 2-Year Home Buying Plan – $2,000 Mortgage Goal

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

Prepared as a planning summary • DMV Region • Mortgage Target $2,000/month