Attention - First Time Homebuyers

By
Real Estate Agent with Coldwell Banker MD 300738

There are still first time buyer programs offered in the District of Columbia.  The DC Tax Abatement Program increased the purchase price threshold to $375,200 from $367,200.  They also increased the income threshold for a single buyer to $57,540 from $56,100 while the income threshold for a two-person household increased to $65,760 from $64,080.  In the "Economic Development Zones," the income limits are higher; for a single buyer, it's $65,890 and for a couple it's $75,350.  The DC Tax Abatement Program provides an exemption from the DC 1.1% Recordation Tax and an allowable credit from the seller(s) of 1.1% equal to the DC Transfer Tax. For example, a purchase price of $350,000 would save you $3,850, not having to pay the 1.1% fee for the DC recordation tax.  In addition, rather than paying DC the 1.1% transfer tax, the program allows the seller to credit the buyer this amount; so a total savings in this case would be $7,700. Additionally, the program provides a five-year real estate tax abatement that will begin the next tax period following settlement.  For more specifics visit:  http://otr.cfo.dc.gov/page/other-credits-and-deductions

There are many condominium bldgs in DC that are approved for FHA financing, where the downpayment required is 3.5% and there are allowable seller credits for the buyer's closing costs up to 6% of the sales price.

Some FHA approved condos in NW are in Cleveland/Woodley Park: McLean Gardens, Ordway Gardens, Cathedral Court, Cathedral Park, Parker House, 3883 Connecticut Ave, NW.  Georgetown/West End: 2500 Q St, NW, 3008-3044 R St, NW, 2425 L St, NW, 2501 K St, NW, 4545 MacArthur Blvd, NW.  Adams Morgan/Columbia Hts: 1955 Calvert St, NW, 1661 Park Rd, NW, 1451 Park Rd, NW, 1434 Euclid St, NW, 1464 Harvard St, NW, 3511 13th St, NW, 3465 14th St, NW, 1130 Columbia Rd, NW.  Logan: 1210 & 1224 R St, NW, 1117 10th St, NW, 1 Scott Circle, NW, 1340 Massacusetts Ave, NW, 400 Massachusetts Ave, NW, 555 Massachusetts Ave, NW, 475 K St, NW & Takoma Park:  343 Cedar St, NW

Some FHA approved condos in SW/NE/SE are in Waterfront:  Carrollsburg, 355 I St, SW, 800 4th St, SW. Brookland: Park Place, 3940 7th St, NE, 3200-3399 Banneker Dr, NE, 315 Evarts St, NE,.Capitol Hill: 523 8th St, NE, 17 17th St, NE, 6 15th St, NE, 1459 A St, NE, 101 North Carolina Ave, SE, 1628 C St, SE, 1843 A St, SE, 1391 Pennsylvania Ave, SE, & Eckington:  1831 2nd St, NE, 318 Rhode Island, Ave, NE

For more specifics on FHA approved Condominiums in DC, visit:  https://entp.hud.gov/idapp/html/condo1.cfm

DC Opens Doors is a  program for first time homebuyers where they provide first time homebuyers downpayment assistance up to 3.5%,  The maximum borrower inclome is $123,395, minimum credit score is 640,  For more specifics visit:  www.dcopensdoors.com

I am happy to assist all DC first time home buyers.  I am familiar with all of these programs and I can help you navigate through them to see if any can work for you.  Please contact me for a buyer consultation, 301-728-7234, hopepeek@kw.com,  Hope Cullen Peek, Associate Broker, GRI, Keller Williams Capital Properties

 

Comments (11)

Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

Are there any special loans for government employees or low income borrowers in DC?

 

Sam Shueh

Aug 12, 2015 08:16 AM
Olympus Executive Realty Inc.
Olympus Executive Realty INC. - Orlando, FL
Home Of The Top Producers

Welcome to AR, Congrats on your first blog, look forward to all your future blog post. Its a great place to share your Real Estate thoughts and experiences. 

Aug 12, 2015 01:48 PM
Barbara Todaro
RE/MAX Executive Realty - Retired - Franklin, MA
Previously Affiliated with The Todaro Team

Good morning, Hope Peek first time home buyers who are thinking of a purchase would be wise to call you for guidance.... knowing where the right financing can be found is half the battle of financing properly....

Aug 12, 2015 10:48 PM
Barbara Todaro
RE/MAX Executive Realty - Retired - Franklin, MA
Previously Affiliated with The Todaro Team

and welcome to ActiveRain.... a place to market yourself, your inventory and your marketplace.... enjoy participating on this platform....

Aug 12, 2015 10:49 PM
Captain Wayne - Rowlett Real Estate School
Rowlett Real Estate School - Panama City, FL
Rowlett Real Estate School / Owner and Instructor

Compared to the woodsy part of Florida I live in, those are some pretty high threshold numbers.

Aug 13, 2015 07:27 AM
Captain Wayne - Rowlett Real Estate School
Rowlett Real Estate School - Panama City, FL
Rowlett Real Estate School / Owner and Instructor

Welcome to ActiveRain, it's great to have you aboard. I hope to read more of your posts!

Aug 13, 2015 07:27 AM
Bob Crane
Woodland Management Service / Woodland Real Estate, EXP - Stevens Point, WI
Forestland Experts! 715-204-9671

Thanks Hope, it sounds like you are the expert for those first timers to call!

Welcome to Active Rain, looking forward to reading many more of your posts, let me know if there is anything that I can do to help as you get started here.

Bob

Aug 13, 2015 04:55 PM
Christine Donovan
Donovan Blatt Realty - Costa Mesa, CA
Broker/Attorney 714-319-9751 DRE01267479 - Costa M

Hope - First Time homebuyers will be glad to know about the programs available in DC.

Aug 18, 2015 04:29 PM
Christine Donovan
Donovan Blatt Realty - Costa Mesa, CA
Broker/Attorney 714-319-9751 DRE01267479 - Costa M

Hope-  Congratulations on your first post here in the Rain, and welcome to the community.

Aug 18, 2015 04:29 PM
Christine Donovan
Donovan Blatt Realty - Costa Mesa, CA
Broker/Attorney 714-319-9751 DRE01267479 - Costa M

Please know that the ambassadors, those with orange badges, are here to help and answer questions.

Aug 18, 2015 04:29 PM
Chip Morgan
Long Realty - Dove Mountain, Marana AZ - Tucson, AZ
LSS, LSE, LMS

Hope-

     It's been almost a month since your first blog post.  I hope you have gained as much from this community as I have in your short time here.  I hav been lurking and reading for about 2 months and finally posted my first blog as well.  Keep posting excellent content like this!

Sep 09, 2015 04:42 AM