Where to live?

[Anonymous]

Anonymous wrote:
I live in a place where I can walk to the movies, bars, entertainment, parks, and the such, but most here on DCUM would put me down for it. (Plus, it's a bit far out for ideological careers, which I'm guessing mean you work near the Capital.)

Reston? Leesburg?

No reason to put them down. Downtown Leesburg is like a less twee version of Old Town. They are just too far away for people who work in DC and want a manageable commute.

[Anonymous]

I agree, Wakefield is smaller, isn't quite as much a failboat as TC Williams, has a higher Challenge Index score (so it seems high achievers can be challenged) ... plus you're more convenient to DC, Tysons and Dullesland than Alexandria.

Metro-accessibility -- Blue Line Arlington would be just fine IMO and perhaps even a short commute into the city.

As for areas that aren't right near a metro, I'd recommend -- Shirlington, then the area around 23rd Street South, then areas near Columbia Pike that are east of George Mason Drive. The area around Arlington Ridge road is full of rich folks who pay for private school.

You're probably better off avoiding the "T" shape of Columbia Pike and Four Mile Run Drive, then areas around South Glebe between Walter Reed and Meade (where the Shirley Park shopping center is.) I lived in the latter area and did not like it, at all, as it was full of ghetto stereotypes (moochers, immigrants who didn't like outsiders, drug dealers, 15 to a house families, etc. Yes, all in my small block of 35 or so duplexes.)

FWIW, it's helpful if South Arlington, Alexandria, PGC, and DC east of the park boosters are candid about areas best avoided.

[Anonymous]

Anonymous wrote:

Anonymous wrote:
I live in a place where I can walk to the movies, bars, entertainment, parks, and the such, but most here on DCUM would put me down for it. (Plus, it's a bit far out for ideological careers, which I'm guessing mean you work near the Capital.)

Reston? Leesburg?

No reason to put them down. Downtown Leesburg is like a less twee version of Old Town. They are just too far away for people who work in DC and want a manageable commute.

Leesburg, a long block outside of downtown. And yes, I was congratulated once here for moving out of the DC area, and given that many here seem to think Vienna is the boonies, I do relish the thought of being the cranky exurbanite that doesn't fit the stereotypes.

And yeah, as I ack'd above, Leesburg is too far out for an ideological career. It is just fine for an IT or other office schlub, who can make the same money along Route 28 or Tysons as downtown. It is close enough if you have no other choice, work from 7-3:30, or work from home 3-4 days and head into DC 1-2.

[Anonymous]

Anonymous wrote:

Anonymous wrote:w/ only $40k in the Bank you might be better off saving a little while longer...

I disagree. Interest rates are low and with prices where they are it's a buyer's market. We bought our first home 2 years ago at just under $400K with only a slightly higher income than you. At the time we also had about 10% to put down. With excellent credit, we were approved for a conventional loan (up to at least 500K--it might have been more, I can't remember) and qualified for a special, up-front PMI program. The total we owed for PMI came to just over $2000, which was covered completely by the seller subsidy. The full amount of our closing costs was also covered. Although we qualified for what was an excellent interest rate at the time, we were able to refinance last summer and lowered it even more to a 30-year fixed rate of 4.5%. While we still were just shy of 20% equity at the time of re-fi, the up-front PMI certificate carried over and we didn't have to pay it again.

Two years ago was different. Much more difficult now w/o 20% down. OP won't qualify for the best rates without a much larger downpayment.

OP, you should save more money, including a 6-month emergency fund in addition to 20% and closing costs.