Buyer Info
Do you have ANY questions related to the local home buyer or home owner programs in DC?
If you do or are interested in purchasing a home contact us by clicking HERE.
First Time Home Buyer Incentive Programs
Employer Assisted Housing Program
The DC Employer Assisted Housing program provides grands and defers loans up to $11,500 to employees of the DC government who are first-time homebuyers in DC.
First-Time Homebuyer’s Tax Credit
$5,000 federal income tax credit is available to first-time homebuyers in DC.
To view/print IRS form 8859 click HERE.
Housing Purchasing Assistance Program (HPAP)
HPAP provides interest-free or low-interest loans for down payments, closing costs, or other expenses associated with buying a house, condo, or cooperate in DC. The amount of the loan is adjusted to reduce the total monthly mortgage payment to 28% of the household’s monthly gross income. For very low income families, repayment of loans may be deferred until the home is sold.
Individual Development Account (IDA)
Through the IDA program, individuals open an IDA account a specified local banks with an initial deposit of $400. IDA participants then develop a monthly savings plan to reach a savings goal for a down payment. The Marshall Heights Community Development Organization (MHCDO) matches $2 for every $1 saved by the IDA participant.
Metropolitan Police Housing Assistance Program (MPHPAP)
The program matches down payment funds up to $1,500 (program provides $500 for each $2,500 saved by an employee). The program includes deferred payment loans up to $10,000, ability to keep assigned patrol cars during off-duty hours, an income tax credit of $2,000 per year for five years and a sliding-scale, five year property tax credit.
The Scattered Sites Projects’ mission is two-pronged: to invigorate neighborhoods and communities in DC by renovating abandoned houses, and to provide opportunities my marketing these renovations to low-and moderate-income families, especially first-time homebuyers.
Single-Family Mortgage Revenue Bonds
The DC Housing Finance Agency, (DCHFA) finances below-market rate loans to low- and moderate-income residents using proceeds from the sale of Single Family Mortgage Revenue Bonds.
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.
The Homestead Deduction reduces your real property’s assessed value by $64,000 prior to computing the yearly tax liability but is limited to residential property.
From expert advice in the early stages of house hunting to the careful monitoring of your settlement, your Sales Associate will be with you every step of the way. We will:
* Hold an initial meeting to understand purchase requirements and help you determine your price range
* Explain the purchase and mortgage financing process
* Introduce you to a variety of lenders and lending opportunities
* Introduce those new to the Washington Metro Area to the various neighborhoods, communities and school districts
* Select specific properties to be shown
* Work with you to create and prepare a contract offer and an offering strategy
* Present and negotiate offers
* Help select and arrange property inspection from a list of experts
* Assist in obtaining financing and attend lender’s meeting with you
* Present to you a choice of settlement companies
* Monitor any remedial work required by the sales contract
* Communicate regularly with all parties to insure a smooth transition through settlement
* Accompany you on pre-settlement inspection
* Accompany you to settlement
Mortgage Calculators
