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

The District of Columbia’s median housing worth is $617,900, which is near triple the nationwide median of $229,700. Though residence values range by area, properties within the District of Columbia are pretty costly as a result of comparatively small dimension of the world and the heavy presence of the federal authorities.

U.S. News’ Greatest District of Columbia Mortgage Lenders of 2021

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Chase

3% Min. Down Cost
Not disclosed Min. Credit score Rating

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Lender

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3% Min. Down Cost
Not disclosed Min. Credit score Rating

Best for digital customer care

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PrimeLending is a Dallas-based mortgage lender with a number of mortgage mortgage choices, together with standard loans, jumbo loans, government-backed loans and refinance loans. The lender is a subsidiary of PlainsCapital Financial institution.

Earlier than You Apply

  • Mortgage sorts: Standard, Fastened Charge, ARM, Refinancing, FHA, VA, Jumbo, USDA
  • Minimal FICO credit score rating: 620
  • Minimal Down Cost: 0.03
  • Higher Enterprise Bureau score: A+

Greatest Options

  • Homebuyers can select from quite a lot of mortgage merchandise.

  • Dwelling loans can be found nationwide.

  • Down fee and shutting price help is offered.

See full profile

Best for online mortgages with cash back rewards

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Axos Financial institution, based in 2000, is a digital monetary companies firm primarily based in San Diego. The total-service on-line financial institution is insured by the Federal Deposit Insurance coverage Corp. and affords the whole lot from persona; and enterprise financial savings and checking accounts to auto and residential loans.

Earlier than You Apply

  • Mortgage sorts: Standard, FHA, VA, Fastened-Charge, ARM, Jumbo, Dwelling Fairness Loans, HELOC, Refinancing
  • Minimal FICO credit score rating: 620
  • Minimal Down Cost: 5%
  • Higher Enterprise Bureau score: A+

Greatest Options

  • Earn 3% annualized money again — 0.25% month-to-month — you probably have an Axos Financial institution checking account and use it pay your mortgage.

  • Scale back or eradicate the $995 lender payment with an Axos Financial institution checking account.

  • On-time closing is assured for patrons of single-family properties.

  • Entry mortgage lona consultants to debate your house financing wants.

See full profile

Best for low costs

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Chase, one of many nation’s largest banks, affords mortgages, refinance loans and residential fairness loans for certified debtors.

Earlier than You Apply

  • Mortgage sorts supplied: Standard, FHA, VA, Fastened Charge, ARM, Jumbo, Refinancing
  • Minimal FICO credit score rating: Not disclosed
  • Minimal Down Cost: 3%
  • Higher Enterprise Bureau score: A+

Greatest Options

  • Down funds as little as 3% are accepted.

  • Fastened- and adjustable-rate mortgages can be found.

See full profile

Best for product availability

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ConsumerDirect Mortgage is a division of FirstBank, a publicly traded financial institution primarily based in Nashville, Tennessee. ConsumerDirect Mortgage affords residence buy and refinance loans to eligible debtors.

Earlier than You Apply

  • Mortgage sorts: Standard, FHA, Fastened Charge, ARM, Jumbo, Refinancing, VA
  • Minimal FICO credit score rating: Not Disclosed
  • Minimal Down Cost: Not Disclosed
  • Higher Enterprise Bureau score: A+

Greatest Options

  • Fastened and adjustable-rate mortgages can be found. A lender credit score for third-party closing prices is offered for a lot of loans. <br/>Loans are supplied in 49 states; ConsumerDirect Mortgage doesn’t lend in Maryland.

See full profile

Best for low down payment

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PNC Financial institution is among the largest U.S. banks, serving greater than 9 million prospects in all 50 states. PNC affords most forms of mortgages.

Earlier than You Apply

  • Mortgage sorts: Standard, Fastened Charge, FHA< VA, ARM, Jumbo, HELOC, Refinancing
  • Minimal FICO credit score rating: 620
  • Minimal Down Cost: 3%
  • Higher Enterprise Bureau score: A+

Greatest Options

  • A number of forms of mortgages can be found.

  • PNC provides a web-based residence possession price software.

  • Some mortgage choices require no or low down funds.

See full profile

Best for low APR

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New American Funding is a nationwide mortgage lender providing quite a lot of residence mortgage choices to homebuyers and householders. The corporate was based in 2003 and is headquartered in Tustin, California. The lender has originated greater than $50 billion in mortgage loans so far.

Earlier than You Apply

  • Mortgage sorts: Standard, Fastened Charge, VA, FHA, ARM, Refinancing
  • Minimal FICO credit score rating: 620
  • Minimal Down Cost: 3%
  • Higher Enterprise Bureau score: A+

Greatest Options

  • The corporate has a number of mortgage choices, together with low-down-payment loans and loans the place you set your time period size.

  • You possibly can select between fixed- or adjustable-rate loans.

See full profile

Best for bad credit

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Carrington Mortgage Providers makes a spread of mortgages, together with refinancing, out there to debtors nationwide. The corporate, which gives standard and government-backed mortgages, has funded $22 billion in residence loans since 2011.

Earlier than You Apply

  • Mortgage sorts: Standard, FHA, VA, USDA, Fastened Charge, ARM, Refinancing
  • Minimal FICO credit score rating: 620
  • Minimal Down Cost: 3%
  • Higher Enterprise Bureau score: A+

Greatest Options

  • Candidates with credit score scores as little as 500 are accepted for some merchandise.

  • The Dwelling Attainable Benefit mortgage program can require a down fee of as little as 3%.

See full profile

Best for mortgage variety

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AmeriSave Mortgage Corp. is a web-based lender that has been in enterprise since 2002. It was one of many first to supply an offsite, digital mortgage expertise for patrons. The corporate says it has financed greater than 390,000 properties because it started working. With headquarters in Atlanta, AmeriSave companies loans in 49 states and Washington, D.C.

Earlier than You Apply

  • Mortgage sorts: Standard, Jumbo, Fastened Charge, ARM, FHA, VA, USDA, Refinancing
  • Minimal FICO credit score rating: 620
  • Minimal Down Cost: 3%
  • Higher Enterprise Bureau score: A+

Greatest Options

  • FHA, VA and USDA loans can be found, along with standard fixed-rate and adjustable-rate mortgages.

  • Potential debtors can get prequalified and not using a onerous credit score inquiry.

  • Debtors can full nearly all of the appliance course of on-line.

See full profile

Best for product availability

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Freedom Mortgage is among the nation’s largest mortgage originators and servicers working in each state, plus Washington, D.C., Puerto Rico, and the U.S. Virgin Islands. Mortgage choices embody standard, adjustable price, jumbo, refinance, Federal Housing Administration, Division of Veterans Affairs and Division of Agriculture.

Earlier than You Apply:
Mortgage sorts supplied: ARM, Standard, FHA, Fastened Charge, Jumbo, Refinancing, USDA, VA
• Minimal FICO rating: 620
• Minimal Down Cost: 3%
Higher Enterprise Bureau score: A+

Greatest Options

  • Provides huge choice of mortgages.

  • Helps qualify debtors with honest credit score.

  • Focuses on FHA and VA loans.

See full profile

What Are the Mortgage Charges within the District of Columbia?

The typical rate of interest for a 30-year fixed-rate conforming mortgage within the District of Columbia is 2.91%.

Dwelling rates of interest vary from 2.5% to 4% within the District of Columbia.

What Are Right this moment’s Mortgage Charges?

Mortgage Calculator

Is your dream residence inside attain? U.S. News’ mortgage calculator will present you ways a lot home you possibly can afford.

What Are Some District of Columbia Homebuyer Applications?

District of Columbia homebuyers can get assist with down funds and shutting prices and obtain aggressive rates of interest or a federal tax credit score from these DC Housing Finance Company (DCHFA) applications.

  • Out there to: Eligible homebuyers buying a house in D.C. who’ve a minimal credit score rating of 640 and most debt-to-income ratio of fifty%.
  • Earnings limits: Borrower revenue most of $145,560.
  • First-time homebuyers solely?: No.
  • Advantages: Aggressive or below-market rates of interest and decrease mortgage insurance coverage prices on first belief mortgages, down fee help mortgage of as much as 3.5% within the type of a 0%, no month-to-month fee mortgage due on the sale, refinance or switch of the property or when the property ceases to be your main residence.

  • Out there to: Eligible D.C. homebuyers who haven’t owned a house within the final three years, apart from residences in focused areas or veterans utilizing a one-time exception, buying single-family residences with a gross sales value of $530,000 or much less and mortgage quantity of $510,400 or much less.
  • Earnings limits: Fluctuate by space and family dimension.
  • First-time homebuyers solely?: No.
  • Advantages: A federal tax credit score of 20% of the mortgage curiosity paid throughout every calendar yr.

  • Out there to: Eligible D.C. homebuyers who’re the top of family, haven’t owned a house within the final three years, have a very good credit standing and are buying a house as their main residence.
  • Earnings limits: Fluctuate by family dimension.
  • First-time homebuyers solely?: No.
  • Advantages: As much as $4,000 in closing price help and as much as $80,000 in down fee help within the type of a deferred interest-free mortgage.

  • Out there to: Eligible D.C. homebuyers who’re full-time D.C. authorities staff with no homeownership curiosity in a main residence in the course of the previous three years and no property pursuits on the time of settlement. The borrower will need to have a minimal credit score rating of 640 and a debt-to-income ratio that doesn’t exceed 50%. The utmost mortgage quantity can not exceed $484,350 and the utmost gross sales value can not exceed $525,000.
  • Earnings limits: Family revenue can not exceed 120% of the world median revenue.
  • First-time homebuyers solely?: No.
  • Advantages: A primary belief mortgage at a diminished rate of interest and as much as 3% down fee help within the type of a 0% deferred subordinate mortgage.

View Extra District of Columbia Mortgage Lenders

Best for fair credit

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Flagstar affords banking and lending merchandise in each state. Debtors can choose from standard or government-backed mortgages, akin to FHA, VA and USDA loans, and go for adjustable-rate mortgages.

Earlier than You Apply

  • Mortgage sorts: ARM, Standard, FHA, Fastened Charge, Dwelling Fairness Loans, Jumbo, Refinancing, USDA, VA
  • Minimal FICO credit score rating: 620
  • Most Down Cost: 10%
  • Higher Enterprise Bureau score: A+

Greatest Options

  • Flagstar Financial institution gives a broad choice of mortgages.

  • Some mortgages require no or a low down fee.

See full profile

Best for large loan amounts

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Financial institution of America serves roughly 66 million prospects in all 50 states. The lender affords standard, Federal Housing Administration, Division of Veterans Affairs and jumbo loans, in addition to residence fairness traces of credit score and mortgage refinancing.

Earlier than You Apply

  • Mortgage sorts: Standard, Fastened, FHA, VA, ARM, HELOC, Jumbo, Refinancing
  • Minimal FICO credit score rating: Not disclosed
  • Minimal Down Cost: 5%
  • Higher Enterprise Bureau score: A+

Greatest Options

  • Financial institution of America has quite a lot of mortgage merchandise.

  • The lender affords origination payment reductions for qualifying Financial institution of America and Merrill Lynch shoppers.

  • Dwelling fairness traces of credit score don’t have any annual, utility or money advance charges or closing prices.

  • Financial institution of America affords a first-time homebuyer program.

See full profile

Best for no down payment

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Alliant Credit score Union is a nonprofit monetary cooperative. The credit score union serves prospects in all 50 states. Mortgage merchandise embody standard, jumbo and refinancing loans, and residential fairness traces of credit score.

Earlier than You Apply

  • Mortgage sorts: Standard, Fastened, ARM, Refinancing, Jumbo, HELOC
  • Minimal FICO credit score rating: Not Disclosed
  • Minimal Down Cost: 3%
  • Higher Enterprise Bureau score: A+

Greatest Options

  • No-down-payment mortgages can be found for first-time homebuyers with glorious credit score.

  • Those that purchase or promote via the Alliant Dwelling Rewards program are eligible for money again rebates.

See full profile

Best for digital closing

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Assured Charge, based in 2000 and primarily based in Chicago, affords mortgage choices together with standard loans, Federal Housing Administration loans, jumbo loans and interest-only loans to prospects in all 50 states and Washington, D.C. Debtors can reap the benefits of specialised mortgage merchandise and Assured Charge’s on-line utility, documentation and mortgage fee choices.

Earlier than You Apply:

  • Mortgage sorts: ARM, Fastened Charge, Standard, FHA, VA, USDA, Refinancing, Jumbo, Curiosity solely
  • Minimal FICO credit score rating: 620
  • Minimal Down Cost: 0.05
  • Higher Enterprise Bureau score: A-

Greatest Options

  • Gives qualifying debtors with a totally or partially digital closing course of

  • Provides a number of mortgage mortgage merchandise

See full profile

Best for Veterans Affairs loans

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USAA serves greater than 13 million members of the army and their households, providing monetary merchandise in each state and Washington, D.C. Qualifying debtors can receive mortgages, together with VA, standard and refinance loans. USAA is thought for its customer support and specialization in merchandise for service members.

Earlier than You Apply:

  • VA mortgage merchandise out there: Jumbo, Refinancing, VA
  • Minimal FICO credit score rating: Not Disclosed
  • Minimal Down Cost: 0
  • Higher Enterprise Bureau score: A

Greatest Options

  • Charges effectively for customer support.

  • Provides VA Curiosity Charge Discount Refinance Loans, often known as IRRRL or streamline refinance.

See full profile

Best for online service

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Caliber Dwelling Loans of Coppell, Texas, affords mortgage and residential fairness merchandise nationwide. Choices embody standard, adjustable-rate, refinancing, Federal Housing Administration, U.S. Division of Agriculture and Veterans Affairs loans. Caliber has been in enterprise since 2008, and is concentrated on residence lending merchandise.

Earlier than You Apply

  • Mortgage sorts: Standard, FHA, VA, USDA, Fastened, ARM, Refinancing
  • Minimal FICO credit score rating: 620
  • Minimal Down Cost: 3%
  • Higher Enterprise Bureau score: A+

Greatest Options

  • The primary-time homebuyer program HomeOne can require a down fee of as little as 3% and debtors might qualify with a minimal 620 credit score rating.

  • Authorities-insured loans together with Federal Housing Administration, Veterans Affairs, and United States Division of Agriculture applications can be found.

See full profile

Best for VA loans

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Veterans United Dwelling Loans gives mortgages to veterans and army households in all 50 states and Washington, D.C., and makes a speciality of VA loans.

Earlier than You Apply

  • Mortgage sorts: Standard, Fastened Charge, ARM, FHA, USDA, Refinancing
  • Minimal FICO credit score rating: 640
  • Minimal Down Cost: 5%
  • Higher Enterprise Bureau score: A+

Greatest Options

  • No down fee or mortgage insurance coverage is required for VA loans.

  • Provides FHA, USDA and VA loans.

See full profile

Best for online service

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SoFi is a web-based lender based in 2011 that provides fixed-rate mortgages. Refinance loans are additionally out there, together with cash-out refinance and pupil mortgage cash-out refinance, a program that means that you can consolidate and refinance your pupil loans and your mortgage.

Earlier than You Apply

  • Mortgage sorts: Standard, Fastened Charge, Refinancing, Dwelling Fairness Loans
  • Minimal FICO rating: 620
  • Minimal Down Cost: 5%
  • Higher Enterprise Bureau score: A+

Greatest Options

  • Down funds as little as 5%.

  • Prequalify and apply in your mortgage on-line.

  • Refinancing to consolidate your pupil loans and mortgage.

See full profile

Best for product range

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CMG Monetary is a privately held mortgage banking agency working nationwide with localized assist, based in 1993 and primarily based in San Ramon, California. The lender affords a spread of merchandise together with standard, authorities and specialty mortgages, like jumbo loans.

Earlier than You Apply

  • Mortgage sorts: Standard, Fastened Charge, ARM, FHA, VA, USDA, Jumbo, Refinancing
  • Minimal FICO credit score rating: 620
  • Minimal Down Cost: 3%
  • Higher Enterprise Bureau score: A

Greatest Options

  • The HomeFundIt program permits potential householders to crowdfund a down fee.

  • The lender has a nationwide presence with regional success and native assist.

See full profile

Best for product selection

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Guild Mortgage, based in 1960, makes a speciality of residence loans and serves debtors nationwide. The lender’s full suite of merchandise consists of standard and government-backed mortgages and residential renovation loans.

Earlier than You Apply

  • Mortgage sorts: ARM, Fastened Charge, Standard, FHA, VA, USDA, Refinancing
  • Minimal FICO credit score rating: 620
  • Minimal Down Cost: 3%
  • Higher Enterprise Bureau score: B+

Greatest Options

  • A broad vary of mortgage merchandise are supplied.

  • Particular mortgage applications for first-time patrons and manufactured homebuyers can be found.

See full profile

Promoting Disclosure: Among the mortgage affords on this web site are from corporations
who’re promoting shoppers of U.S. News. Promoting issues might impression
the place affords seem on the positioning however don’t have an effect on any editorial selections,
akin to which mortgage merchandise we write about and the way we consider them. This web site
doesn’t embody all mortgage corporations or all mortgage affords out there within the market.

https://loans.usnews.com/district-of-columbia-mortgage-lenders | District of Columbia’s Greatest Mortgage Lenders & Present Mortgage Charges

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