Own for Less Than You Pay in Rent
|Think three blocks from Columbia Heights metro is out of your price range? Think again! Affordable one and two bedroom units at 1415 Girard Street Coop are now available to purchase through a CityFirst Homes grant program.
You get a bright, spacious floor plan with hardwood floors, granite counters, stainless steel appliances, renovated bath …
|ALL of this for as little as $1,350/month for a one-bedroom or $1,800/month for a two-bedroom in one of DC’s most popular neighborhoods.What makes it so affordable? CityFirst, a non-profit launched by the D.C. Government to help make homes more affordable, is providing a 23% no interest recoverable grant to use toward your down payment.
It works almost exactly like a downpayment assistance loan except there are no payments on it and the documentation is simpler. When you sell the home, just as you would have to pay back a downpayment assistance loan, you leave the grant with the unit so it is affordable for the next buyer.
This substantially lowers the total amount of financing you would need to qualify for, reducing your monthly payments and eliminating the need for that pesky private mortgage insurance, which is required if you put less than 20% down when buying a home.
That way it’s cheaper to own in Columbia Heights than to rent!! With the value of these condos at $249,000 – $349,000, that’s a big chunk of assistance.
If you earn under $90,000 per year as a one-person household, you are eligible for this fantastic opportunity. If you’re a two person household, then earning under $103,000 is required.
Since it’s an equity sharing program, you receive 25% of the equity when you sell and 75% stays with the property to help reduce the cost for the next buyer. That way everybody wins … you live in style and convenience as a homeowner in a great neighborhood without breaking the bank AND the next buyer gets the same great deal too.
So are you ready to shop at the local Target and then head to a wine bar with friends? It’s all possible at 1415 Girard!!
Check out the video and floor plans above. For more information or to view these homes, contact me at Jennifer@agsbuyeredition.com.
Come check them out this Sunday, August 5th 1-3pm! See you there!