{ "media_type": "text", "post_content": "I am planning on buying my first house at least 4 bedrooms in the DMV area. My budget is $400K and I only have about 15K to put down. Should I get an FHA or Conventional loans? Neighborhoods to look?", "post_id": "5dfa5b7535dec7001a243308", "reply_count": 56, "vote_count": 3, "bowl_id": "58f80ce1ae9f610010f866bb", "bowl_name": "Federal, Government, and Public Sector", "feed_type": "bowl" }

I am planning on buying my first house at least 4 bedrooms in the DMV area. My budget is $400K and I only have about 15K to put down. Should I get an FHA or Conventional loans? Neighborhoods to look?

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With that amount of bedrooms and total cost, the DMV area is probably going to have a large radius. Given that down payment isn’t 5%, FHA is probably the only option but a loan officer could confirm. As SC1 mention if schools and/or metro are important factors, you can probably limit the search to just a few areas when combined with your budget. Quick search on realtor.com shows $400k with 4 bedrooms in Va is only in manassas park and dale city; more options east of the city in Maryland

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If you really don’t mind driving (and you’re ok with a fixer-upper), then you might be able to find something in one of the older neighborhoods in the Fairfax County section of Alexandria or in Springfield (away from the Metro stations and outside of the Beltway). I think you’re probably gonna be looking at townhouses rather than SFHs, but there are some good neighborhoods in those areas with older (50s-70s) SF homes that haven’t been torn down or renovated yet. If you have to have granite & stainless, with a big deck, energy-efficient HVAC, and big rooms, you’ll definitely have to look at southern MD, southern Prince William or Stafford counties, or PG County in MD.

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4+ bedrooms for 400k seems like a big stretch if you want to live within 75 minutes of downtown DC. Either your budget or commute is going to have to come way up. I spent almost that much for a 2 bedroom place and I have an hour commute. I live in Lorton VA. Someone in my office lives in Staffard and he spends almost 4 hours a day commuting

likehelpful

You would have to do FHA. 4 bedroom for only 400k would push you pretty far from DC.

likesmart

Woodbridge has slug line, my commute to dc is less than 30! Also in your budget

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So with good credit, I would recommend conventional loan as interest rates are good...but you might need to put more money down. If schools are a concern, I would recommend looking in Fairfax in VA, as DC is going to be out of your price point. Others may have insights about MD.

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Upper Marlboro, MD

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Loudoun county, like ashburn or leesburg, are going to be the best bang for your buck regarding land and schools.

likehelpful

That commute. 🤦

That’s going to be tough. I paid $485k for a townhouse in Loudoun County. 3bed, 3.5 bath, 2 car garage. I’m looking at a 4 bedroom SFH tonight a mile down the road at $700k.

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I left Capitol Hill after selling my (small) townhouse in preparation of starting a family. Rather than going west to Winchester, I opted going east of the city, finding some great, affordable options in the Annapolis area.

likesmart

That sounds awful

400K wont get you into Anacostia where I live and we paid 450 for a 3BR, 2.5 Bath...in 2016. At that price point with the # of rooms you want, you're likely out of DC my friend. Upper Marlboro and Ft Washington are better bets for that price point. Or you could wait for this inbound recession and maybe get 450 for a 3BR, 2-2.5 Bath in Anacostia.

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Look into some of the community reinvestment programs available in the DMV area. They will help with both closing cost and down payments. Either that or FHA are your only options with 15k

smarthelpful

Anywhere across the bridge is terrible for commute, but all the schools in the area is pretty good.

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Not sure I would go outside Fairfax or Loudoun county, the schools in those districts seem far superior to the ones outside.

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Look in Riverdale, MD around the new Whole Foods.

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You should look in Hyattsville, MD... Arts District. Four story, four bedroom luxury townhomes, rooftop terrace and free shuttle to metro. In your price point and my property value has jumped 60K in two years.

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If you (or your spouse if you have one) have ever served in the military, see if you're eligible for a va loan. 0 down most of the time....

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Seems like the main difference is PMI.... if you can use your down payment and a LOC to cover the 20% I'd recommend the conventional loan to not have to pay the extra PMI for the life of the loan like you'd have to with FHA

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D3 - borrowing is not the issue, the price tag is.

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Yea forget NOVA, no amount of money would entice me to move back there

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My roommate is an associate broker with real estate company. DM if interested.

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Conventional is better base on financial advise

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