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


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 the heavy presence of the federal government.

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

Chase
3% Min. Down Payment
620 Min. Credit Score

McGlone
5% Min. Down Payment
Not disclosed Min. Credit Score

USAA
0% Min. Down Payment
620 Min. Credit Score

Lender
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3% Min. Down Payment
620 Min. Credit Score

Lender
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5% Min. Down Payment
Not disclosed Min. Credit Score

Lender
Learn More
0% Min. Down Payment
620 Min. Credit Score

Best for low-interest VA loans

Navy Federal Credit Union serves more than 9 million members of the military community in every state. Qualifying members of the credit union can choose from options such as conventional loans, Veterans Affairs loans mortgage refinance loans.

Before You Apply

  • Mortgage types: VA, Military Choice, conventional fixed rate, Homebuyers Choice, ARM
  • Minimum FICO credit score: Not disclosed
  • Maximum loan amount: $2 million
  • Better Business Bureau rating: A+

Best Features

  • Zero-down loans are available.

  • Private mortgage insurance is not required for many loans.

See full profile

Best for product availability

Fairway Independent Mortgage Corp. is based in Madison, Wisconsin, has funded billions of dollars in loans since the company began in 1996 – more than $58 billion in 2020 alone. The lender offers several mortgage products, including conventional, Federal Housing Administration, U.S. Department of Agriculture, U.S. Department of Veterans Affairs refinancing loans. Fairway Independent Mortgage also provides jumbo loans for home purchases in high-cost markets, renovation loans, adjustable-rate mortgages reverse mortgages. Fairway is an independent mortgage company serves as a mortgage broker direct lender.

Before You Apply

  • Mortgage types: fixed rate, ARM, conventional, USDA/Rural Development, FHA, VA, jumbo, refinance, renovation, reverse mortgage
  • Minimum FICO credit score: 580
  • Maximum loan amount: undisclosed
  • Better Business Bureau rating: A+

Best Features

  • The selection of mortgages includes VA USDA loans, which often have no down payment requirements.

  • The company has an A+ customer service rating with the Better Business Bureau.

  • Renovation loan options include the HomeStyle Renovation Loan, which combines the cost of remodeling the mortgage into one loan.

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Best for VA loans

Veterans United Home Loans provides mortgages to veterans military families in all 50 states Washington, D.C., specializes in VA loans.

Before You Apply

  • Mortgage types: VA, VA jumbo, refinance
  • Minimum FICO credit score: 640
  • Maximum loan amount: $1.5 million
  • Better Business Bureau rating: A+

Best Features

  • No down payment or PMI are required.

See full profile

Best online bank for customer service

Ally Bank is a Detroit-based online bank. Ally offers traditional banking products services, such as conventional mortgages, as well as refinance loans jumbo home loans.

Before You Apply

  • Mortgage types: fixed rate, ARM, home equity loans, refinancing, HomeReady for first-time homebuyers
  • Minimum FICO credit score: 620
  • Maximum loan amount: $4 million
  • Better Business Bureau rating: A+

Best Features

  • A program is available for first-time homebuyers.

  • Existing Ally customers can get a closing cost discount.

See full profile

Best for no down payment

Alliant Credit Union is a nonprofit financial cooperative. The credit union serves customers in all 50 states. Mortgage products include conventional, jumbo refinancing loans, home equity lines of credit.

Before You Apply

  • Mortgage types: Traditional, ARM, refinancing, home equity line of credit, Alliant Advantage Mortgage
  • Minimum FICO credit score: 620
  • Maximum loan amount: $2.5 million
  • Better Business Bureau rating: A+

Best Features

  • No-down-payment mortgages are available for first-time homebuyers with excellent credit.

  • Mortgages are available to borrowers with FICO credit scores as low as 620.

See full profile

Best for online service

Caliber Home Loans of Coppell, Texas, offers mortgage home equity products nationwide. Options include conventional, adjustable-rate, refinancing, Federal Housing Administration, U.S. Department of Agriculture Veterans Affairs loans. Caliber has been in business since 2008, is focused on home lending products.

Before You Apply

  • Mortgage types: conventional, FHA, VA, USDA, ARM, refinancing, bond, renovation, Freddie Mac HomeOne, Freddie Mac Home Possible, Fannie Mae HomeReady
  • Minimum FICO credit score: 620
  • Maximum loan amount: $3 million
  • Better Business Bureau rating: A

Best Features

  • The first-time homebuyer program HomeOne can require a down payment of as little as 3% borrowers may qualify with a minimum 620 credit score.

  • Government-insured loans including Federal Housing Administration, Veterans Affairs, United States Department of Agriculture programs are available.

See full profile

Best for product range

CMG Financial is a privately held mortgage banking firm operating nationwide with localized support, founded in 1993 based in San Ramon, California. The lender offers a range of products including conventional, government specialty mortgages, like jumbo loans.

Before You Apply

  • Mortgage types: conventional, FHA, VA, USDA, jumbo, All in One Loan, 203K Renovation Loan, Fannie Mae HomeReady, Freddie Mac Home Possible, HomeFundIt, refinance
  • Minimum FICO credit score: 620
  • Maximum loan amount: $3 million
  • Better Business Bureau rating: A+

Best Features

  • Exclusive mortgage products include the HomeFundIt for crowdfunding a down payment.

  • The lender has a national presence with regional fulfillment local support.

  • CMG Financial offers a mobile app.

See full profile

Best for low costs

Chase, one of the nation’s largest banks, offers mortgages, refinance loans home equity loans for qualified borrowers.

Before You Apply

  • Mortgage types offered: conventional, ARM, conforming, FHA, DreaMaker, VA, jumbo, refinancing
  • Minimum FICO credit score: 620
  • Maximum loan amount: $3 million
  • Better Business Bureau rating: A+

Best Features

  • Down payments as low as 3% are accepted.

  • Fixed- adjustable-rate mortgages are available.

See full profile

Best for digital mortgages

LoanDepot is an online lender operating in all 50 states with more than 200 in-person branches. The company was founded in 2010 is headquartered in Southern California. LoanDepot offers Federal Housing Administration Department of Veterans Affairs loans, as well as home equity refinancing loans.

Before You Apply

  • Mortgage types: refinance, jumbo, hybrid ARM, fixed rate, HARP, VA, FHA, 203k loan
  • Minimum FICO credit score: 620
  • Maximum loan amount: $3 million
  • Better Business Bureau rating: A+

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 reimburse appraisal fees.

  • The company offers a variety of mortgage products.

  • It’s licensed in all 50 states.

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 2.91%.

Home interest rates range from 2.5% to 4% in the District of Columbia.

What Are Today’s Mortgage Rates?

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 closing costs 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 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 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 loan amount of $510,400 or less.
  • Income limits: Vary by area household size.
  • 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 are purchasing a home as their primary residence.
  • Income limits: Vary by household size.
  • First-time homebuyers only?: No.
  • Benefits: Up to $4,000 in closing cost assistance 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 no property interests at the time of settlement. The borrower must have a minimum credit score of 640 a debt-to-income ratio that doesn’t exceed 50%. The maximum loan amount cannot exceed $484,350 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 up to 3% down payment assistance in the form of a 0% deferred subordinate loan.

View More District of Columbia Mortgage Lenders

Best for array of products

Founded in 1999, McGlone Mortgage Group is licensed in multiple states to offer purchase refinance home loans. Headquartered in Appleton, Wisconsin, McGlone Mortgage Group offers many different mortgage options.

Before You Apply

  • Mortgage types: conventional, jumbo, FHA, VA, USDA, HomeReady, High Balance/Super Conforming, Energy Efficient Mortgage, FHA
  • Minimum FICO credit score: Not disclosed
  • Maximum loan amount: $2 million
  • Better Business Bureau rating: A+

Best Features

  • Varied loan options are available.

  • McGlone Mortgage Group offers mortgage calculators other tools.

  • Co-signers are allowed for most loans.

See full profile

Best for conventional mortgage

Citizens Bank is a regional bank based in Providence, Rhode Island. It offers traditional banking services products, including home loans mortgage refinance loans.

Before You Apply

  • Mortgage types: conventional, ARM, refinance, HELOC, jumbo, fixed rate
  • Minimum FICO credit score: undisclosed
  • Maximum loan amount: undisclosed
  • Better Business Bureau rating: A+

Best Features

  • Citizens Bank provides a homebuying service with rewards for borrowers in select states.

  • Homebuyers can get an interest rate discount for qualifying automatic payments.

  • Borrowers can apply online.

See full profile

Best for low APR

New American Funding is a national mortgage lender with a variety of home loan options. The lender has processed more than $27 billion in mortgages.

Before You Apply

  • Mortgage types: ARM, cash-out refinance, conventional, FHA, HELOCs, jumbo, reverse, USDA VA
  • Minimum FICO credit score: 620
  • Maximum loan amount: $3 million
  • Better Business Bureau rating: A+

Best Features

  • Provides multiple mortgage options, including low no down-payment loans

  • Offers fixed- or adjustable-rate mortgages

See full profile

Best for low down payment

Spring EQ is a Philadelphia-based home equity lender. Home equity loans are available in more than 30 states the District of Columbia, Spring EQ has plans to expinto more.

Highlights

  • Mortgage types offered: Home Equity
  • Minimum FICO score: N/A
  • Max LTV: 100%
  • Max DTI: N/A
  • Closing costs: N/A
  • Equity required: N/A
  • J.D. Power satisfaction rating: N/A

Best Features

  • Loan limits ranging from $20,000 to $250,000.

  • Reduced fees for loans more than $80,000.

  • Loan funding in as little 14 days.

See full profile

Best for fair credit

Guaranteed Rate has served millions of Americans since 2000 with more than $150 billion in loan volume. This lender has no minimum loan amount.

Highlights:

  • Minimum FICO score: 580 (FHA)
  • Maximum debt-to-income ratio: N/A
  • Loan amounts: No minimum
  • Total closing costs: Varies
  • J.D. Power overall satisfaction rating: Two out of five

Best Features

  • Provides qualifying borrowers with a 10-minute closing process.

See full profile

Best for Veterans Affairs loans

USAA specializes in offering financial services to active-duty service members, veterans their family members. To use USAA’s products, you must meet its military service requirements, be the spouse of a USAA member or be the child of a USAA member. This requirement means many customers are also eligible for VA home loans, so these are one of USAA’s specialties.

Highlights

  • VA loan products available: Fixed- or adjustable-rate VA loan or IRRRL
  • Minimum FICO score: 620
  • Maximum debt-to-income ratio: Varies, but recommends keeping it less than 36%
  • J.D. Power satisfaction rating: Five out of five but not rank eligible

Best Features

  • Good customer service ratings.

  • VA Interest Rate Reduction Refinance Loans, also known as IRRRL or streamline refinance loans.

See full profile

Additional Homebuying Resources

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 how we evaluate them. This site
does not include all loan companies or all loan offers available in the marketplace.



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