First-Time Homebuyer Programs

If you are looking to make your first real estate purchase in DC, there are several first-time buyer programs to consider.

Reduced Recordation Tax

  • Reduces the Recordation Tax for a “first-time District homebuyer” purchasing an “eligible property.”

  • Current tax rates:

    • Purchase Price under $400K = 1.1%

    • Purchase Price $400k and above =1.45%

  • The Reduced Recordation program reduces those rates by half. So, if you quality, the rates would be:

    • Purchase Price under $400K = .55%

    • Purchase Price of $400K and above = .725%

  • Read more about the program and see if you qualify here.

DC Opens Doors

  • Offers to qualified buyers home purchase loans and down payment assistance.

  • Qualified first-time and repeat buyers are eligible for the program

  • Program has a requirement of a minimum credit score and an income limit.

  • To be connected to a lender to learn more, click here.

Tax Abatement Program

Abates your real property taxes for the first five (5) years you are in your home, depending on when you apply.

To qualify, your income must fall under the household income limits against all person(s) in the household. The purchase price of the property shall not exceed $484,000.00.

Learn more about the program and see if you qualify here.

HPAP

  • Program gives eligible first-time home buyers up to $84,000 in combined down payment and closing cost assistance.

  • These funds are provided as a no-interest loan, with no payments required for the first five years.

  • NOTE: Immediate repayment of the remaining balance is required if the borrower sells or moves out and rents the property.

  • Learn more here.

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Coldwell Banker Realty

1617 14th Street NW

Washington, DC 20009

(202) 387-6180

© 2016 by SG LLC. All Rights Reserved.  Images of Sherri courtesy of Cade Martin and CapitolCommunicator.com.

Real estate agents affiliated with Coldwell Banker are independent contractor sales associates and are not employees of the company. Coldwell Banker Residential Brokerage fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Operated by a subsidiary of NRT LLC. Coldwell Banker, the Coldwell Banker logo, Coldwell Banker Previews International and the Previews logo are registered service marks owned by Coldwell Banker Real Estate LLC. Information deemed accurate but not guaranteed. All listing information from MIRS.com.