District of Columbia’s Best Mortgage Lenders & Current Mortgage Rates

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The District of Columbia’s median housing value is $617,900, which is close to triple the national median of $229,700. Although home values vary by region, homes in the District of Columbia are fairly expensive due to the relatively small size of the area and the heavy presence of the federal government.

U.S. News’ Best District of Columbia Mortgage Lenders of 2020

Methodology: U.S. News conducted an in-depth review of leading direct mortgage lenders in D.C. Research was based on program availability, customer satisfaction ratings and qualification requirements. Because each consumer has different needs, the top finishers in several key areas were chosen.

Best lender for waived lender fees on future refinancing.

Guild Mortgage, founded in 1960, specializes in home loans and serves borrowers nationwide. The lender’s full suite of products includes conventional and government-backed mortgages and home equity loans.

Before You Apply

  • Mortgage types: ARMs, conventional, FHA, jumbo, manufactured home, refinance, reverse, USDA and VA
  • Minimum FICO credit score: 600
  • Maximum loan amount: varies
  • Better Business Bureau rating: A+

Best Features

  • Receives strong customer service ratings from the Better Business Bureau

  • Offers a broad range of mortgage products

  • Provides special mortgage programs for first-time buyers and manufactured homebuyers

See full profile

Best lender for fair credit.

LoanDepot was established in 2010 and since then has financed more than $70 billion in mortgages. It offers FHA, conventional and other mortgage options. Borrowers may qualify for a loan with a FICO credit score as low as 580.

Highlights:

  • Mortgage types offered: Conventional, FHA, VA, ARM, Refinancing (conventional), Refinancing (FHA), Refinancing (VA), Home equity loans
  • Minimum FICO credit score: 500 with conditions
  • Maximum debt-to-income ratio: 43% for FHA
  • Maximum combined loan-to-value ratio: 90%
  • J.D. Power satisfaction rating: Four out of five

Best Features

  • LoanDepot mortgages have a lifetime guarantee, which means if you ever decide to refinance an existing loanDepot loan, the company will waive the lender fees and reimburse appraisal fees.

See full profile

What Are the Mortgage Rates in the District of Columbia?

The average interest rate for a 30-year fixed-rate conforming mortgage in the District of Columbia is 3.03%.

Home interest rates range from 2.63% to 4% in the District of Columbia.

What Are Today’s Mortgage Rates?







Loan Types

This Week’s Rate

Last Week’s Rate

30-year fixed-rate mortgage 3.05% 3.06%
15-year fixed-rate mortgage 2.55% 2.53%
30-year fixed-rate jumbo mortgage 3.1% 3.12%
5/1 ARM 3.34% 3.33%
5/1 jumbo ARM 3.38% 3.38%

*Rates as of Sep. 11, 2020

Mortgage Calculator

Is your dream home within reach? U.S. News’ mortgage calculator will show you how much house you can afford.

What Are Some District of Columbia Homebuyer Programs?

District of Columbia homebuyers can get help with down payments and closing costs and receive competitive interest rates or a federal tax credit from these DC Housing Finance Agency (DCHFA) programs.

  • Available to: Eligible homebuyers purchasing a home in D.C. who have a minimum credit score of 640 and maximum debt-to-income ratio of 50%.
  • Income limits: Borrower income maximum of $145,560.
  • First-time homebuyers only?: No.
  • Benefits: Competitive or below-market interest rates and lower mortgage insurance costs on first trust mortgages, down payment assistance loan of up to 3.5% in the form of a 0%, no monthly payment loan due at the sale, refinance or transfer of the property or when the property ceases to be your primary residence.

  • Available to: Eligible D.C. homebuyers who have not owned a home in the last three years, except for residences in targeted areas or veterans using a one-time exception, purchasing single-family residences with a sales price of $530,000 or less and loan amount of $510,400 or less.
  • Income limits: Vary by area and household size (see income limits).
  • First-time homebuyers only?: No.
  • Benefits: A federal tax credit of 20% of the mortgage interest paid during each calendar year.

  • Available to: Eligible D.C. homebuyers who are the head of household, have not owned a home in the last three years, have a good credit rating and are purchasing a home as their primary residence.
  • Income limits: Vary by household size (see income limits).
  • First-time homebuyers only?: No.
  • Benefits: Up to $4,000 in closing cost assistance and up to $80,000 in down payment assistance in the form of a deferred interest-free loan.

  • Available to: Eligible D.C. homebuyers who are full-time D.C. government employees with no homeownership interest in a primary residence during the past three years and no property interests at the time of settlement. The borrower must have a minimum credit score of 640 and a debt-to-income ratio that doesn’t exceed 50%. The maximum loan amount cannot exceed $484,350 and the maximum sales price cannot exceed $525,000.
  • Income limits: Household income cannot exceed 120% of the area median income.
  • First-time homebuyers only?: No.
  • Benefits: A first trust mortgage at a reduced interest rate and up to 3% down payment assistance in the form of a 0% deferred subordinate loan.

Advertising Disclosure: Some of the loan offers on this site are from companies
who are advertising clients of U.S. News. Advertising considerations may impact
where offers appear on the site but do not affect any editorial decisions,
such as which loan products we write about and how we evaluate them. This site
does not include all loan companies or all loan offers available in the marketplace.



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