D.C.'s first-time homebuyer tax credit

With all of the focus on the $8,000 federal first-time homebuyer tax credit (“Federal Tax Credit”), many have forgotten that DC offers a first-time homebuyer tax credit (“DC Tax Credit”) as well. Since the DC Tax Credit is smaller ($5,000) and cannot be taken simultaneously with the Federal Tax Credit, it has largely been ignored.

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DC Tax Abatement

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 1 following your date of closing.
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Federal Title and the new RESPA rule

Federal Title & Escrow Company is already meeting the department of Housing and Urban Development's (HUD) new proposal under RESPA guidelines for providing the borrower a guaranteed maximum closing cost in advance of settlement.
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Predatory Lending

Predatory mortgage lending typically takes place in what is called the sub prime market, where financial institutions extend high-priced loans to borrowers with troubled credit. The tricky issue is that this business practice is legitimate as long as overly aggressive techniques are kept out of the transaction.
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