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)