Support

Dear PoPville – Refinancing a home with a legal basement unit?

9274233391_ae1f44d14c_z
Photo by PoPville flickr user clif_burns

“Dear PoPville,

We bought a home two years ago in Bloomingdale with very little down payment and, given the rise in prices in the area, we are thinking on refinancing to get better terms in the loan. We are quite confident that we have more than 20% equity in the house considering numerous recent comparables.

Our surprise is that some lenders are offering more stringent terms because the house has a separate legal basement unit. When we bought the house two years ago it already had a Certificate of Occupancy and it was already classified with a use code 24 (Residential-Conversions less than 5 units). However, no lender raised the question of the second unit, and we closed without any problems or amended terms.

We would be interested in knowing how people are financing the houses that have legal rental units with C of O nowadays. If the terms are indeed more stringent for houses with C of O, that would be yet another reason not to go through the painful process of “legalizing” an english basement.”

Recent Stories

“Google map of all the embassies that are open this Saturday” by Nathaniel Rakich From a press release: “Travel the world through food, art, dance, fashion, music, innovations and manufactured…

Thanks to readers for sharing the latest at the Dupont Circle fountain this afternoon: “What’s going on? No water today.”

709 Kennedy Street, NW From an email: “Soup Up, located at 709 Kennedy Street, NW, is now serving brunch every Sunday from Mother’s Day, May 12 thru September 29, 2024….

If you have any animal/pet photos you’d like to share please send an email to princeofpetworth(at)gmail(dot)com with ‘Animal Fix’ in the title and say the name of your pet and…

Potomac Harmony is Back! Following a gap year of competing, then virtual rehearsals during the pandemic, followed by the well-earned retirement of our long-term director, a year of a director search, Potomac Harmony hit the regional contest stage in Concord, North Carolina in March for the first time since 2018! It was exhilarating, reaffirming, and rewarding!

The chorus hit all of its goals, the biggest of which was to have fun and sing our best on contest stage — we did both! Because we earned a score over 400 points, our new Director, Allison Lynskey, was awarded the Novice Director award, photo above. Additionally, one of our charter members, Jackie Bottash, was nominated for and honored with the Leadership Excellence award. It was a celebratory weekend!

What’s next? So much! We now look forward to upcoming performances, growing our membership, and expanding our musical product with new arrangements and an education component each week. It’s an exciting time to be part of this ever-growing ensemble!

Read More

Submit your own Announcement here.

Comedy Cabaret

Kick up your heels at Bad Medicine’s COMEDY CABARET extravaganza at the DC Improv Comedy Club on Tuesday, May 21st. Revel in the sights and sounds of this entertaining musical revue, with songs, dance and sketch comedy that will have

×

Subscribe to our mailing list