Sun. Jan 17th, 2021

Colombia’s medieval housing price is $ 617,900, which is close to triple the national average of $ 229,700. Although home values ​​vary by region, homes in the District of Columbia are quite expensive due to the relatively small size and heavy presence of the federal government.

US News’ Best District of Columbia Mortgage Lenders of 2020

Guild mortgage
3% Min. advanced payment
600 Min. credit score
loanDepot
10% Min. advanced payment
620 Min. credit score
The lender
American news rating
3% Min. advanced payment
600 Min. credit score
The lender
American news rating
10% Min. advanced payment
620 Min. credit score

Best for product selection

Guild Mortgage, established in 1960, specializes in home loans and serves lenders around the country. The complete lender of products includes traditional and government-backed mortgages and home equity loans.

Before you apply

  • Mortgage Type: ARM, Traditional, FHA, Jumbo, Manufactured Homes, Refinance, Reverse, USDA & VA
  • Minimum FICO Credit Score: 600
  • Maximum loan amount: Different
  • Better Business Bureau Rating: A +

Best counter

  • Receives strong customer service rating from Better Business Bureau

  • Offers a wide range of mortgage products

  • Offers exclusive mortgage programs for first time buyers and manufactured homebuyers

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Best for customer service

LoanDepot was founded in 2010 and has since funded over $ 70 billion in mortgages. It offers FHA, traditional and other mortgage options. Borrowers with a FICO credit score as low as 580 may qualify for a loan.

main characteristics:

  • Mortgage Type Offered: Traditional, FHA, VA, ARM, Refinance (Conventional), Refinance (FHA), Refinance (VA), Home Equity Loan
  • Minimum FICO Credit Score: 500 with conditions
  • Maximum debt-to-income ratio: 43% for FHA
  • Maximum combined debt-to-value ratio: 90%
  • JD Power Satisfaction Rating: Four out of five

Best counter

  • LoanDepot mortgages have a lifetime guarantee, meaning that if you ever decide to refinance an existing LoanDepot loan, the company will waive the lender fee and reimburse the appraisal fee.

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What are the mortgage rates in the District of Columbia?

Average interest rate for a 30 year fixed rate District of Columbia Has Customizing Mortgages 2.93%.

House interest rates Range from 2.5% to 4% In the District of Columbia.

What are today’s mortgage rates?

Loan type

Rate of this week

Last week rate

30-Year Fixed Rate Mortgage 2.96% 3.06%
15-Year Fixed Rate Mortgage 2.48% 2.62%
30-Year Fixed-Rate Jumbo Mortgage 2.96% 3.01%
5/1 ARM 3.04% 3.03%
5/1 Jumbo ARM 2.92% 2.89%

* Rates up to November 13, 2020

mortgage calculator

Are you reaching your dream home? US News’ mortgage calculator will show you how much home you can buy.

What are some district of Columbia homebuyer programs?

The District of Columbia homebuyers can enlist the help of down payment and closing costs and receive federal tax credits from competitive interest rates or these DC Housing Finance Agency (DCHFA) ​​programs.

  • available to: Qualified homebuyers in DC who have a minimum credit score of 640 and a maximum debt-to-income ratio of 50%.
  • Income Range: Borrower income maximum $ 145,560.
  • First time homebuyers ?: No.
  • Benefit: Competitive or down-market interest rates on First Trust Mortgages and low mortgage insurance costs, up to 3.5% as a down payment assistance loan, no monthly payment loan due to the sale, refinance or transfer of property or when the property is your Primary residence ceases to be.

  • available to: Qualified DC homebuyers who have not owned a home in the past three years, excluding veterans living in targeted areas or using a one-time exception, selling single-family dwellings for $ 530,000 or less and loans of $ 510,400 or less With the zodiac. .
  • Income Range: Different by region and household size.
  • First time homebuyers ?: No.
  • Benefit: A federal tax credit of 20% of the mortgage interest paid during each calendar year.

  • available to: Eligible DC homebuyers who are the head of the household, have not owned a home in the past three years, have a good credit rating and are purchasing a home as their primary residence.
  • Income Range: Different from the size of the house.
  • First time homebuyers ?: No.
  • Benefit: Up to $ 4,000 in closed cost assistance and up to $ 80,000 in down payment assistance in the form of deferred interest-free loans.

  • available to: Qualified DC homebuyers who are full-time public servants 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 of no more than 50%. The maximum loan amount cannot exceed $ 484,350 and the maximum sale price cannot exceed $ 525,000.
  • Income Range: Household income cannot exceed 120% of the region’s average income.
  • First time homebuyers ?: No.
  • Benefit: Up to 3% down payment assistance in the form of a first trust mortgage and 0% deferred loan at a lower interest rate.

Advertisement Disclosure: Some of the loan offers on this site are from companies that are advertising customers of US News. Advertising ideas can impact offers that appear on the site, but do not affect any editorial decisions, such as which loan products we write about and how to evaluate them. This site does not include all loan companies or all loan offers available in the market.

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