The most difficult step for most first-time home buyers, according to research from the National Association of Realtors, is gathering the funds for a Lisa Hensley, director of single-family programs at the D.C. Housing Finance Agency in Washington, says that buyers can find a list of lenders who. As an incentive, first time homebuyers in DC can be exempt from paying their portion of the transfer tax. This program is known as DC Tax Abatement, and, for a In Washington DC, it’s a percentage as mentioned above. To calculate the amount of transfer tax you owe, simply use the following formula.

Artcam free download. Mortgage rates are at 4.75% for the 30 year fixed loan program and at 4.04% for the 15 year fixed. As for variable rates, the 5/1 ARM rate currently stands at 4.17%. Check out FHA and VA rates as well if you are doing low or no down payments. Washington DC First Time Home Buyer Loans If you’re a, get ready for an adventure. The nation’s capital city is vibrant and full of activity, and homes are in high demand.

This can make it difficult to find the home you need and to secure a home loan to fund it. We’re here to help with this. Washington DC First Time Home Buyer Information The home purchase process can be difficult and sometimes confusing for first time home buyers. If you’re not sure where to turn for advice, start with our. This list will show you what the home mortgage funding process looks like and what you need to do in order to get through it successfully.

The five most important steps are listed here. • Figure out how much money you need to borrow. What are your mortgage needs? How much can you afford to borrow? This is an important thing to figure out long before you try to apply for a loan.

Many first time homebuyers, without experience owning a home, aren’t aware of the expenses associated with homeownership. Make realistic expectations and don’t borrow more than you can handle. • Get to know the various loan types. There are many mortgage programs available.

Find out what the differences between them are. Pay close attention to the guidelines and requirements for the FHA mortgage program. • Know your credit score. If your credit score is bad, you may not qualify for the mortgage loan you need.

Find out before you apply whether or not your score is high enough to qualify, or you’ll be wasting time. • Get mortgage rates from different lenders and determine which is best. Not all lenders and brokers offer the same mortgage rates. It’s important that you shop around and compare the rates that are available to you. If you skip this step, you may not get the best mortgage rate on your loan. • Get preapproved. Ask your lender about the requirements for preapproval.

Once this is done, you’re ready to start meeting with sellers to find a home to purchase. These are the most basic steps involved in the mortgage process. To get more detailed information on funding your first home, view our checklist above. If you want to find out, roughly, what your monthly mortgage payments will be with your new mortgage, fill out the dropdowns on the mortgage calculator below. 1st Time Home Buyer Loan Programs There are unique mortgage programs available to assist first time home buyers, and the most well known of these is the Washington DC FHA loan. The government, through the Federal Housing Administration, insures these loans. This assurance makes them available to borrowers who wouldn’t otherwise qualify for mortgages.

This includes borrowers with low cash reserves or minimal credit experience. There are many benefits connected to the FHA loan program.

Down payments are low on these loans and credit score requirements are lenient. These loans are available only up to a set amount, however, which varies depending on where you live. Check Washington DC FHA loan limits before you decide to take out a loan through the FHA program.

About Washington DC Washington DC, officially called the District of Columbia, is the capital city of the United States of America. It is a major world class city that is known across the globe.

It was the first planned national capital in the history of the world. Real estate in the city is highly valuable, which can sometimes make it tricky for first time home buyers to purchase the homes they need. But if you find the right loan and go through the process correctly, you’ll be fine.