Washington, DC has a number of credit, closing assistance, and grant programs for current DC residents, and for first time home buyers in DC. Here’s a summary:
HPAP - Closing assistance program, Not a grant: http://www.gwul.org/published/programs_and_divisions/hpap.html
DC Tax Abatement Program: http://www.federaltitle.com/homebuyers_dcabatement.aspx
The DC Tax Abatement Program provides an exemption from the DC 1.1% Recordation Tax and an allowable credit from your seller(s) of 1.1% equal to the DC Transfer Tax. Additionally, the program provides a five-year real estate tax abatement that begins October 1st following your date of closing. In order to qualify, the total gross household income must not exceed:
$50,400 for 1 person in household
$57,600 for 2 persons in household
$64,800 for 3 persons in household
$72,000 for 4 persons in household
$77,760 for 5 persons in household
$83,520 for 6 persons in household
$89,280 for 7 persons in household
$95,040 for 8 persons in household
In addition to meeting the above salary requirements, the property must be owner-occupied by a first-time homebuyer and the purchase price of the property shall not exceed $320,000.You will be required to provide the closing agent copies of the following:
Copies of your tax returns from the last two years,
Copies of your W-2s from the last two years,
Copies of your two most recent paystubs.
For more information in this program, please contact Federal Title & Escrow Company or your Realtor.(Qualifying Income Table Effective: 03/20/2007)
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