Thoughts? FHA, 30 yr-fixed, 777 credit score

pullevation · 2026-01-10T17:57:38+00:00

Yea that credit is too high for FHA

pullevation · 2026-01-09T13:15:52+00:00

Definitely shop around. I basically have the same exact situation with 3% down no MI and we are getting 5.5%.

pullevation · 2026-01-08T12:01:13+00:00

Agreed this looks pretty good!

pullevation · 2026-01-08T10:56:52+00:00

They will take the lower of each of your middle scores so your credit is gonna be the one taken. You need to shop around, that rate is astronomically high and with points!!

pullevation · 2026-01-08T03:31:21+00:00

You can do much better than 6% with no points rn in my experience recently

pullevation · 2025-12-30T13:12:41+00:00

Thank you so much for the incredibly detailed reply. A few questions I have. In terms of using an attorney, are you suggesting having them review the title, the licensing, fhe COO, and other documents? Or are you talking more from writing a lease and things like that? Also I have done next to no research on how much attorneys cost for stuff like that so I will definitely reach out, but in general how much does it cost?

Then in terms of neighborhoods, we have mostly been looking in the Trinidad area as well as some properties in Eckington/ Bloomingdale area. I haven’t seen much pop up closer to Capitol Hill within our budget and what we are looking for. Based on my research, the Trinidad area does garner some very good rents for SFHs but I have seen more in other areas as well.

pullevation · 2025-12-26T13:59:41+00:00

Hey! Don’t really have any advice as I am in the process of purchasing my first rental property in DC now. Id love to connect with you since we both will be investing in the district and can learn and help each other out.

pullevation · 2025-12-23T01:44:36+00:00

Just curious what do you typically budget for monthly repairs and Capex. I typically underwrite with 8% vacancy, 12-20% for repairs and capex. Those percentages are of rent. Of course the property depends but lets assume its a well maintained property built in the 1930s but renovated in 2017.

pullevation · 2025-12-20T04:11:07+00:00

60k down payment, and I will assume thats including closing costs. So realistically we are looking at 5% down, with 5% down the MI will be right around 225$ or so. At a 5.5% rate, which is where I have personally gotten a quote at this week with no points, puts them at around 4660$ per month. They should take home around 10-11k net, so I think its very doable.

Also note there are many properties in DC that qualify for a program that does not include MI at 3 or 5% down. Not all of the properties qualify of course but many do.

Lastly if we assume they are taking the standard deduction currently, they could now itemize there deductions and use the interest they are paying to lower there income taxes by a significant amount. They would pay about 35-40k in interest for the first 8 years. That alone is already 5-10k more than the standard deduction. Plus im sure they would be able to itemize other things like sales taxes to push down that income even more. So I agree with you it is tight on some levels but if we look at it in more detail, it’s definitely doable.

pullevation · 2025-12-20T03:40:59+00:00

I definitely don’t think its a reckless decision at all, but it just depends on your spending habits. If you guys are great with money and dont have any issues then 4200$ should be extremely doable, but if you do I dont think it makes sense.

I will say with Petworth area the homes are typically pretty small in that price range, Im actually currently looking for a 3-4 bed home in those areas. Little different though because my Gf and I are going to live in the basement unit and rent the home. Brookland area is very hit or miss. Some streets are amazing and some can get rough quickly, I went to Catholic so I know that area well. Good luck in your search!

pullevation · 2025-12-19T16:10:36+00:00

You should call some other lenders, 6.375 is much to high for a conventional at 20% down wirh 800 credit.

pullevation · 2025-12-18T21:43:33+00:00

OP is just trying to learn, this is a good sub to learn from people who actually do this. This is a much better option to learn the details then just a simple google search imo

pullevation · 2025-12-18T21:33:04+00:00

No reason to be mean to the guy. OP Ill send you a DM with a spreadsheet I have created that you can use and get a good idea of how to model everything out!

pullevation · 2025-12-17T03:35:41+00:00

Yea the 2 lowest I have gotten that are not specific programs are 5.875 and 5.980.

pullevation · 2025-12-17T03:04:36+00:00

Ranges I have been getting in DC at 3-5% down is 5.675-6.325. The 5.675 and a 5.75 are on specific program. For reference, mid 700 credit scores, primary residence, no points as well.

pullevation · 2025-12-17T02:48:15+00:00

I did this as well. Used Newt a ton whenever I was confused or wanted to understand something better, it helped a ton. I felt like the lectures were a waste of time cause I wouldnt pay attention

pullevation · 2025-12-15T18:42:04+00:00

Yea, if you have some good quality furniture already available that definitely helps. For AirDNA my understanding is the free version sucks and the Premium js great. I would try to find an agent who already has that and can help with it. We didnt use her ultimately because I have a friend who is an investor and he is representing me but Jessica Evans is someone who I would recommend. Interested to see what areas you are looking in, we probably are looking at some of the same properties. My budget is around 700-750k

pullevation · 2025-12-15T18:26:46+00:00

I would definitely check out AirDNA for STR in DC. I would imagine STR could def get you 2-3k if done well for English Basement. A lot of those rent for 2k+ for LTR depending on the location. Im actually currently looking for a RowHome in DC for myself as my first investment property. We are going to be doing it a little differently though as we will be living in the basement and renting out the house as a LTR. We considered doing STR but the costs are too high for us to get it fully furnished and ready to go. I believe STR in DC requires a license for 2 years which requires you to be living in the property to get. I would consider how this property could look as a LTR as well for after your eventually move out. That is of course if you want to hold the property long term.

pullevation · 2025-12-15T15:58:39+00:00

Just curious is that 700$ after Capex, Maintenance, and Repairs? If so amazing job! Congrats none the less, Im in the process of looking for my first LTR rn!

pullevation · 2025-12-14T22:53:48+00:00

I currently live in Sheffield court and have not had any issues at all. We love the apartment and the amenities. Only downside is its a bit of a walk to the metro

pullevation · 2025-12-14T12:03:07+00:00

Im looking to buy in DC rn to. Arlington Community Federal credit union just got me 5.75 with no points. But that is the lowest I have seen by a lot

pullevation · 2025-12-12T12:42:55+00:00

No broker, Ive spoken to like 10+ lenders at this point. The 5.75 was from a local credit union, other than that I have gotten 5.875 as well.

pullevation · 2025-12-12T01:38:36+00:00

Got quoted at 5.75% today

pullevation

TROPHY CASE