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Last updated: May 28, 2024
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Data provided by Icanbuy, LLC. Payments do not include amounts for taxes and insurance premiums. Click here for more information on rates and product details.

Washington DC Mortgage Overview

The nation's capital is a beautiful place for anyone to live. It's also quite costly, which means financing programs are very helpful for first-time and subsequent homebuyers. If you're in the market for a loan in Washington DC, here are your options.

Washington DC conventional loans

You need just 3 percent down if you're a first-time homebuyer, but 5 percent if you've owned a home before. Conventional loans require a 660 credit score and low debt ratio. You will pay PMI with the lower down payment, but you can cancel it when you owe less than 80 percent of the home's value.

Washington DC FHA loans

FHA loans don't require great credit. You can get a loan with just a 580 score for a 3.5 percent down payment and a 500 - 579 score if you put down 10 percent. FHA loans have mortgage insurance for the life of the loan, but you get flexible underwriting guidelines in return.

Washington DC VA loans

Veterans of the military can secure 100 percent financing with a VA loan. All you need is a 620 credit score and proof you have enough money to cover your bills. The VA looks at your disposable income too so they know you can cover the daily cost of living. VA loans don't have mortgage insurance, but they have a funding fee.

Washington DC USDA loans

If you can't get an FHA loan, consider a USDA loan. You don't have to live in the middle of nowhere - just a rural area as deemed by the USDA. Your income must fall within the USDA guidelines. If you are eligible, you can get a 100 percent loan, which means you don't need a down payment.

First-Time Homebuyer Programs in Washington DC

Home Purchase Assistance Program

This is an interest-free loan that helps first-time homebuyers buy their first home. You may receive up to $80,000 in gap financing and $4,000 for closing cost assistance.

Employer-Assisted Housing Program

This 0% deferred loan provides District employees with the funds to buy a home. You don't owe any payments until you sell the home or refinance the loan.

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