1st-Time Homebuyer Programs
1st-Time HOMEBUYER PROGRAMS
For a first-time
homebuyer, the experience is indelible. Good or bad, that first homebuying experience will significantly impact how a buyer feels about their first and future
purchases. It is so impactful, that for some buyers, it may even change whether a buyer decides to purchase a future home.
The homebuying process, and the agent-services that accompany it, play a pivotal role in the successful experience for a first-time buyer. In addition to this, and for many first-time homebuyers, first-time buyer programs fill in the affordability gap, and make home purchasing possible. The Condo Connection has introduced many of our clients to the following programs which have played a major role in helping countless first-time DC homebuyers to achieve their goal and dream of buying a home…
I. Down-Payment & Buyer Assistance
Home Purchase Assistance Programs (HPAP)
The Home Purchase Assistance Program (HPAP) enables lower-and moderate-income individuals and families to purchase affordable housing in Washington, D.C. Qualified HPAP applicants can receive up to $84,000 in financial assistance to purchase single-family houses, condominiums and cooperative apartments. HPAP funds can be used for acquisition assistance and/or closing costs. The HPAP Acquisition Assistance is in the form of 0 interest 5-year deferred loan.
Employer-Assisted Housing Program (EAHP)
The Employer-Assisted Housing Program (EAHP) offers eligible District government employees a deferred, 0% interest loan and a matching funds grant for down payment and closing costs to purchase their first single family home, condominium, or cooperative unit in the District.
DC Open Doors
DC Open Doors makes homeownership in Washington, DC affordable by offering qualified buyers home purchase loans and down payment assistance. We know your biggest obstacle to a home purchase can be the required down payment so we offer down payment assistance loans (DPAL) that bridge the financial gap. That is how DCHFA opens doors to homeownership in Washington, DC.
II. Tax Abatement & Tax Reduction
Lower-Income Home Ownership Tax Abatement (ROD9)
Would you like to avoid paying property taxes for five years? Of course you would! Well, this program allows you to do it. Here’s how… You need to meet the income requirements and live in the home, which must be worth less than $456,000. Click above to learn more… If you don’t qualify for this program, check out the Reduced Recordation Taxes for First-Time Homebuyers, below.
Reduced Recordation Taxes for First-Time Homebuyers (ROD11)
For deeds recorded on or after October 1, 2017, the recordation tax rate for a “first-time District homebuyer”
purchasing “eligible property” will be reduced. For houses and condominium units, the recordation tax rate is 0.725% (transfer taxes owed by the seller of 1.1% or 1.45% are unchanged). For transfers of economic interests in a housing cooperative unit (co-op unit), the recordation tax rate is reduced from 2.2% to 1.825% for units under $400,000, and from 2.9% to 2.175% for units $400,000 or greater (there is no transfer tax). An application for the reduced rate must be made at the time the deed is offered for recordation. The reduced rate cannot be applied for after the deed is recorded.
FP-100
Homestead Deduction, Senior Citizen, and Disabled Property Tax Relief Application (FP100)
This benefit reduces your real property's assessed value by $87,050 (savings of $739.93) prior to computing the yearly tax liability.
