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Real Estate
Reply to "Buying a home with a small down payment (3%)"
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[quote=Anonymous][quote=Anonymous]Buying a place and renting out a room is another option. We rented out a furnished room for about $600 mo for a couple years after buying in DC. [/quote] You still have to be able to qualify for the full mortgage on your own. Lenders won't consider the savings from having a roommate unless the place has a second valid certificate of occupancy (lost out on a great 2br in my old apartment building for this reason!). There are firsttime homebuyer assistance programs in DC. http://dhcd.dc.gov/service/home-purchase-assistance-program is the main one. You might also want to check with Manna and Housing Counseling Services. All of them have income caps.[/quote]
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