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.
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Homefinity launched in 2018 as the online lending division of Fairway Independent Mortgage. It offers a variety of mortgage products, including conventional mortgages, Federal Housing Administration and Veterans Affairs mortgages, and mortgage refinancing.
Caliber Home Loans of Coppell, Texas, offers mortgage products nationwide. Options include conventional, adjustable-rate, jumbo, refinancing, Federal Housing Administration, U.S. Department of Agriculture and Department of Veterans Affairs loans. Caliber has been in business since 2008, and is solely focused on home lending products.
Carrington Mortgage Services, founded in 2007, offers an array of mortgage and refinancing options to borrowers seeking conventional or government-backed loans. Its California-based parent company, Carrington Holding Co., was established in 2003 and provides a range of real estate services. Carrington Mortgage Services is based in California and also has offices in Arizona, Connecticut, Florida, Indiana and Maryland.
Pentagon Federal Credit Union, widely known as PenFed, offers borrowers access to many types of mortgages: conventional, adjustable rate, jumbo and Department of Veterans Affairs, plus refinancing loans and home equity lines of credit. The financial institution, which serves 2.5 million members, was established in 1935 and is based in McLean, Virginia.
Headquartered in Charlotte, North Carolina, Truist Bank was formed in 2019 after SunTrust and BB&T banks merged. Truist Bank offers a variety of mortgage products, including refinancing and home equity lines of credit.
Chase, one of the world’s largest banks, was founded in 1799 in New York and offers mortgage and refinance loans.
AmeriSave Mortgage Corp. is an online lender that has been in business since 2002. It was one of the first to offer an offsite digital mortgage experience for customers. The company says it has financed more than 664,000 borrowers since it began operating. With headquarters in Atlanta, AmeriSave services loans in 49 states and Washington, D.C.
Veterans United Home Loans offers mortgages in all 50 states and Washington, D.C., and specializes in Department of Veterans Affairs loans. Since 2016, Veterans United Home Loans has generated the largest number of VA purchase loans per year in the nation. The lender was founded in 2002 and is based in Columbia, Missouri.
PNC Bank is one of the largest banks in the United States, serving more than 9 million customers in all 50 states. A full-service mortgage lender, PNC offers most mortgage loan product types.
The average mortgage rate in District of Columbia is currently 6.57% for the 30-year fixed loan term.
Here are the interest rates offered to District of Columbia residents looking to buy or refinance a home as of 01/03/2023:
- 30-year fixed purchase: 6.57%
- 30-year fixed refi: 6.25%
- 15-year fixed purchase: 6.09%
Is your dream home within reach? U.S. News’ mortgage calculator will show you how much house you can afford.
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.
- 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.
- 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.
U.S. News selects the Best Loan Companies by evaluating affordability, borrower eligibility criteria and customer service. Those with the highest overall scores are considered the best lenders.
To calculate each score, we use data about the lender and its loan offerings, giving greater weight to factors that matter most to borrowers. For mortgage lenders, we take into account each company’s customer service ratings, interest rates, loan product availability, minimum down payment, minimum FICO score and online features.
The weight each scoring factor receives is based on a nationwide survey on what borrowers look for in a lender.
To receive a rating, lenders must offer qualifying loans nationwide and have a good reputation within the industry. Read more about our methodology.
To recap, here are the picks:
Best District of Columbia Mortgage Lenders of 2023
Real Genius is a division of FirstBank, a publicly traded bank based in Nashville, Tennessee. Real Genius, formerly known as ConsumerDirect Mortgage, offers both home purchase and refinance loans.
SoFi is an online lender founded in 2011 and headquartered in San Francisco that offers fixed-rate mortgages. Refinance, jumbo and home equity loans are also available.
CMG Financial is a privately held mortgage banking firm operating nationwide with localized support, founded in 1993 and based in San Ramon, California. The lender offers a range of products, including conventional, government and specialty mortgages, like jumbo loans.
Founded in 1990 and headquartered in Mount Laurel, New Jersey, Freedom Mortgage is a full-service mortgage company. It’s the fifth-largest mortgage provider in the country and is licensed to operate in all 50 states. Freedom Mortgage offers a variety of mortgage options, including conventional loans, refinancing and first-time homebuyer friendly programs such as FHA loans.
LoanDepot is a mortgage lender that operates nationally with more than 200 branches and delivers both a digital experience and face-to-face service. The lender offers fixed- and adjustable-rate conventional mortgages, Federal Housing Administration and Department of Veterans Affairs loans, as well as refinance and renovation loans. The company was founded in 2010 and is based in Foothill Ranch, California.
Alliant Credit Union is a not-for-profit financial cooperative that serves customers in all 50 states. Alliant offers products such as conventional, jumbo, refinancing and home equity line of credit loans, but specific mortgage products may not be available in certain states.
Bank of America serves roughly 67 million customers in all 50 states. The lender offers conventional, Federal Housing Administration, Department of Veterans Affairs and jumbo loans as well as home equity lines of credit and mortgage refinancing.
Guaranteed Rate, founded in 2000 and based in Chicago, offers mortgage options including conventional loans, Federal Housing Administration loans, jumbo loans and interest-only loans to customers in all 50 states and Washington, D.C. Borrowers can take advantage of specialized loan products and Guaranteed Rate’s online application, documentation and loan payment options.
USAA serves more than 13 million members, offering financial products exclusively to military members and their families in all 50 states. Qualifying members can obtain mortgage products, including VA loans and mortgage refinancing. USAA is known for its customer service and specialization in products for military members.
Founded in 2008, Pennymac is a mortgage lender based in California with more than $519 billion in loans serviced, according to the lender. Pennymac offers a range of home loans, including conventional, Federal Housing Administration, Department of Veterans Affairs and investment property mortgages.
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