
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
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Reduces the Recordation Tax for a “first-time District homebuyer” purchasing an “eligible property.”
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Current tax rates:
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Purchase Price under $400K = 1.1%
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Purchase Price $400k and above =1.45%
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The Reduced Recordation program reduces those rates by half. So, if you quality, the rates would be:
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Purchase Price under $400K = .55%
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Purchase Price of $400K and above = .725%
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Read more about the program and see if you qualify here.
DC Opens Doors
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Offers to qualified buyers home purchase loans and down payment assistance.
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Qualified first-time and repeat buyers are eligible for the program
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Program has a requirement of a minimum credit score and an income limit.
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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.
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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.
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Learn more about the program and see if you qualify here.
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HPAP
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Program gives eligible first-time home buyers up to $84,000 in combined down payment and closing cost assistance.
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These funds are provided as a no-interest loan, with no payments required for the first five years.
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NOTE: Immediate repayment of the remaining balance is required if the borrower sells or moves out and rents the property.
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Learn more here.