You hear time and again how you can ‘own for less than rent’ and so often I hear tenants in apartments saying over and over that it is impossible to live in a 1-bedroom condo near a metro or in a walkable neighborhood. Guess what! We have a perfect case study in one of our new listings:
Hillwood Condominiums, Alexandria, VA
List price: $240,000
Annual Taxes $2,444
Annual Insurance (Estimated): $480
HOA Association Fee (Monthly): $205
With as little as 5% down you could own this condo and have a monthly payment as low as $1550 – the same price as your rent would be! Check out the below scenarios.
We especially love the 5-5 ARM program for its great rate and the fact you could be able to get 1.5% of the loan amount* paid towards your closing costs at settlement. Be sure to read the fine print at the bottom of this post for more on the closing cost promotion.
If you have some money saved up and you would like to make a larger upfront investment you can get your total monthly payment even lower than rent! Interested in learning more? Email me at Maxine (at) PenFedRealty.com and we will get in touch with you with the full scoop on this property and others that may meet your needs.
Either way, this is a great deal! Hillwood is located just across the street from the Trade Center with terrific shops, restaurants, and a spa. Then just a few blocks away you can grab a coffee at Starbucks, do your grocery shopping, drop the BMW off for service, or hop the Metro into the city.
The unit is right next to the community’s clubhouse and swimming pool. It has been newly updated with fresh paint, new floors, brand new appliances, Pella glass door, and more! Oh, and it has a terrific patio too!
In short, you can save money, build wealth, and help the environment by using the Metro instead of your car for the daily commute!
Check out the photos below or visit www.AHouseToSee.com for more information!
Small Print: Rates Generated on: 10/9/2017. Payments are estimates. Actual Payments may be greater. See page 2 for additional Minimum/Maximum Payment information. APR= Annual Percentage Rate. ARM Rates may increase after consummation. *Terms of Monthly Repayment: 30 Yr Fx (with MI): 103 payments of $1,184 at 3.875% and 257 payments of $1,072 at 3.875% (4.385% APR) 5/5 ARM (with MI): 60 payments of $1,102 at 3.000% and 300 payments between $1,142 to $1,001 at 3.375% (3.716% APR) 15/15 ARM (with MI): 180 payments between $1,213 to $1,072 at 3.875% and 180 payments of $1,027 at 3.250% (4.270% APR) Rates as of: 10/6/2017 Program, rates, terms & conditions subject to change without prior notice. Pricing adjustments may be required based on down payment, credit and other factors. This is not an advertisement to extend consumer credit as defined by Reg Z 226.2. All loans subject to credit and property approval. Acutal rates my vary based upon factors like credit rating, down payment and the intended use of the property. 5/5 ARM adjust once every 5 yrs. after initial fixed 5 yr. term. Caps 2/2/5, Margin 2.0, and Index based on the 5 yr. Treasury. 95% LTV available for owner occupied purchase loans at or below $424,100 with MI. High Balance fixed available to $636,150 in certain areas – call MLO. Max LTV for condos in DC Metro area is 80%, 70% elsewhere. Loans over $750,000 require two appraisals. Down payment requirements may vary. Products displaying a rate of 9.99% are not available. For a limited time, PenFed will pay buyer closing costs* on the 5/5 ARM and 15/15 ARM when a BHHS PenFed Realtor and our preferred settlement provider is used.*Visit Mortgage Center at penfed.org for details.