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I'm applying to work for the federal government, and have good chances of getting in. As a single person with one income only, I cannot get the mortgage I would with two incomes. Although my salary is decent now, it only limits my option to a $190,000 home for a 15-year mortgage, and 15 years is really what my target goal is in terms of acquiring a home. I'm looking for a condo or townhouse with 1-2 bedrooms in an area that has a very low crime rate, a neighborhood with a good reputation. I think I cannot be very picky, but I have an advanced degree, and most likely will hold a professional job with the federal government. Therefore, I want to be around with people of similar professional and educational achievements. But I know I can't be very picky. I certainly know for sure that I won't want to be living in a high crime neighborhood, with a poor school system, and high drug trafficking. Please advise me what my options are. Please be specific in terms of neighborhood names, city names (the suburbs are fine as long as they are within less than a 30 minute commute.)
Have you thought of going to a 30 year and then renegotiating in a few years when your income level has changed? Might give you more options as $190,000 is a bit low for DC proper (though not entirely impossible).
There are a large number of condos being built in near SE, just across the freeway from Capitol Hill near the Navy Yard / Nationals Stadium. Brand new neighborhoods being built up around what used to be light retail / public housing / government buildings. Might we worth investigating.
You can find nuggets in DC now and then. A bit older, smaller, but maybe doable. If you look in zip 20007 (Georgetown and NW) or zip 20016 (upper NW/AU Park) you won't find many but you will find something (note: search for 200 or even 220k or below--everything is negotiable now days).
Anyway, professional areas in DC proper (not all of which you'll be able to afford but which should help you narrow things down) include: Capitol Hill / Eastern Market, Foggy Bottom / West End, Chinatown/Gallery Place, Penn Quarter, Georgetown, Glover Park, Dupont, Woodley Park, Cleveland Park, AU Park, Palisades, Kent, Spring Valley, Kalorama, Cathedral and a few others I'm sure others will post.
You'll be hard-pressed to find a condo in a safe "professional" neighborhood with good schools and within a 30 minute commute of downtown for $190K. 2 BR would be completely out of the question, I think. So would a townhouse. Some areas in the suburbs to consider are Fairlington/Shirlington in Arlington, and South Arlington in general.
You'll have more options if you consider a 30 year mortgage, stick to a 1 BR place, and accept a commute of up to 60 minutes.
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