As a first time home buyer in the District, you may be eligable for various different government assistant programs:DC Open DoorsMortgage Credit Certificate (MCC)Home Purchase Assistance Program
DC First-Time Homebuyer Recordation Tax Reduction
Dated: June 3 2020
According to the DC Office of Tax and Revenue, 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.
- The purchase price can’t exceed $647,000.
- Total household income doesn’t exceed the below thresholds:
However, you MUST fill out the First-Time Homebuyer Application in order to get this benifit: https://otr.cfo.dc.gov/node/1272871 This is done thru your title transfer agent.
Persons In Household Household Income Limits 1 $153,000 2 $174,780 3 $196,560 4 $218,340 5 $235,980 6 $253,440 7 $270,900 8 $288,360
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