District Of Columbia FHA Loan Rates, Closing Costs & Stats

District of Columbia

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    • FHA loans are mortgages created in the 1930's to help insulate lenders from credit risks and help promote home ownership. The Federal Housing Administration (hence, FHA) allows for lower downpayments and credit scores-- making these loans much more accessible than traditional mortgages.

    FHA loans typically need just a 3.5% downpayment with credit scores of 580 or better. For credit scores between 500-579, the downpayment needs to be at least 10%.

    While FHA loans make home ownership much more accessible to first-time homebuyers, they do require PMI (purchase money insurance)-- an additional insurance premium that is paid to the FHA to help cover defaults.

    For additional requirements as defined by the FHA, click here.

    District Of Columbia FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in District Of Columbia averaged 5.81% for the week of 2024-12-13, compared to the national average (all FHA variants) of 6.277% for the same period.

    District Of Columbia's average FHA mortgage closing costs are $15,187.

    The average rate for the prior week (2024-12-06) was 5.87% and one month ago for the week of 2024-11-08, the average rate was 6.24%.

    The average rate one year ago was 6.75%.

    For refis of the same type during the week of 2024-12-13, the average rate was 5.95%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    District Of Columbia FHA Loan Lenders by Rates & Fees

    The below table looks at the average fees/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the District Of Columbia level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 44 5.99% $18,895
    UNITED WHOLESALE MORTGAGE, LLC 22 6.10% $20,862
    FIRST HOME MORTGAGE CORPORATION 22 6.61% $20,150
    Capital Bank 21 6.77% $15,717
    George Mason Mortgage, LLC 13 6.29% $28,659
    CARDINAL FINANCIAL 13 6.00% $26,290
    FIRST SAVINGS MORTGAGE CORPORATION 12 6.10% $24,759
    CALIBER HOME LOANS, INC. 11 6.02% $29,944
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 10 6.39% $25,238
    MOVEMENT MORTGAGE, LLC 10 6.46% $24,724
    Prosperity Home Mortgage, LLC 9 6.48% $22,176
    LOANDEPOT.COM, LLC 9 6.10% $15,726
    Vellum Mortgage, Inc. 8 6.38% $26,205
    DRAPER AND KRAMER MORTGAGE CORP. 8 6.23% $19,193
    EMBRACE HOME LOANS, INC. 8 6.02% $21,207
    Carrington Mortgage Services, LLC 8 6.34% $19,456
    EVERETT FINANCIAL, INC. 8 6.70% $21,595
    Mr. Cooper ( Nationstar Mortgage ) 6 6.13% $23,558
    MUTUAL OF OMAHA MORTGAGE, INC. 6 6.35% $22,862
    HOMESIDE FINANCIAL, LLC 6 6.77% $14,023
    Towne Bank 5 6.35% $24,270
    BROKER SOLUTIONS, INC. 5 6.32% $13,420
    NFM, INC. 5 6.43% $24,354
    CMG MORTGAGE, INC. 4 5.97% $18,207
    NEWREZ LLC 4 6.50% $21,643
    First Heritage Mortgage, LLC 4 6.37% $23,541
    GUARANTEED RATE, INC. 4 6.50% $23,926
    M&T Bank 4 5.66% $20,463
    PENNYMAC LOAN SERVICES, LLC 4 6.12% $20,421
    FREEDOM MORTGAGE CORPORATION 4 6.91% $21,856
    EagleBank 3 6.17% $11,219
    AMERICAN FINANCIAL NETWORK, INC. 3 7.17% $21,270
    PRIMARY RESIDENTIAL MORTGAGE, INC. 3 6.00% $21,998
    PENTAGON FEDERAL CREDIT UNION 3 5.54% $21,240
    CROSSCOUNTRY MORTGAGE, LLC 3 5.92% $20,679
    The Federal Savings Bank 3 5.96% $20,801
    Sandy Spring Bank 3 6.67% $20,063
    Paramount Residential Mortgage Group, Inc. 3 7.17% $30,017
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 6.94% $13,602
    EMM LOANS LLC 2 6.81% $28,084
    Atlantic Coast Mortgage, LLC 2 5.38% $24,494
    PLAZA HOME MORTGAGE, INC. 2 6.50% $16,225
    Truist 2 6.13% $11,920
    UNION HOME MORTGAGE CORP. 2 7.38% $14,228
    BAY EQUITY LLC 2 5.94% $17,809
    Wells Fargo Bank 2 5.44% $17,227
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 2 7.13% $23,560
    GUARANTEED RATE AFFINITY, LLC 2 6.44% $14,131
    HOMEBRIDGE FINANCIAL SERVICES, INC. 2 5.94% $17,913
    AMERISAVE MORTGAGE CORPORATION 2 6.38% $23,198
    INTERCOASTAL MORTGAGE COMPANY 2 6.69% $21,610
    Keystone Funding, Inc. 2 6.13% $37,164
    DAS Acquisition Company, LLC 2 6.38% $20,386
    AMERICAN FINANCIAL RESOURCES, INC. 2 7.00% $19,780
    MY MORTGAGE, INC. 2 6.94% $12,278
    WesBanco 1 6.50% $18,777
    Alcova Mortgage LLC 1 7.75% $17,164
    American Mortgage & Equity Consultants, Inc. 1 7.50% $11,910
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 5.75% $20,361
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 1 6.25% $18,983
    BECKAM FUNDING CORP. 1 7.25% $20,088
    CHURCHILL MORTGAGE CORPORATION 1 6.63% $28,889
    DIRECT MORTGAGE LOANS, LLC 1 6.99% $10,100
    Equity Prime Mortgage LLC 1 7.75% $23,848
    Evolve Bank & Trust 1 7.38% $16,677
    FIDELITY DIRECT MORTGAGE, LLC 1 6.88% $25,645
    Flagstar Bank, FSB 1 7.25% $10,928
    Fulton Bank 1 5.00% $13,340
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 6.13% $11,364
    HOMESPIRE MORTGAGE CORPORATION 1 6.25% $5,725
    Lakeview Community Capital, LLC 1 5.63% $12,029
    LAKEVIEW LOAN SERVICING, LLC 1 5.75% $11,400
    Loan Simple, Inc. 1 6.00% $22,066
    MCLEAN MORTGAGE CORPORATION 1 5.63% $29,844
    Mortgage Research Center, LLC 1 6.75% $11,511
    NBKC BANK 1 6.50% $21,629
    NETWORK CAPITAL FUNDING CORPORATION 1 6.75% $12,929
    NVR Mortgage Finance, Inc. 1 5.38% $47,082
    OAKTREE FUNDING CORP. 1 6.75% $15,303
    Plains Commerce Bank 1 5.75% $15,002
    Presidential Bank, FSB 1 6.75% $14,000
    RELIANCE FIRST CAPITAL, LLC 1 6.88% $26,407
    Residential Mortgage Solutions, Inc. 1 7.00% $36,570
    STATE EMPLOYEES CREDIT UNION OF MARYLAND, INCORPORATED 1 6.25% $5,964
    SUCCESS MORTGAGE PARTNERS, INC. 1 6.50% $13,333
    SUMMIT FUNDING, INC. 1 6.99% $27,121
    SUN WEST MORTGAGE COMPANY, INC. 1 6.50% $21,437
    SWBC MORTGAGE CORPORATION 1 6.25% $13,492
    T2 FINANCIAL LLC 1 7.75% $27,267
    THE MORTGAGE LINK, INC. 1 7.13% $41,820
    UNITED NORTHERN MORTGAGE BANKERS LIMITED 1 5.63% $21,349
    Watermark Capital, Inc. 1 7.75% $33,561
    1ST FINANCIAL, INC. 1 6.25% $21,156

    The top District Of Columbia FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 44 FHA loans originated. Their average total fees are $18,895, which is $1,968 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee District Of Columbia FHA lenders (with over 10 loans originated) are Capital Bank ($15,717), QUICKEN LOANS, LLC ($18,895), FIRST HOME MORTGAGE CORPORATION ($20,150), UNITED WHOLESALE MORTGAGE, LLC ($20,862) and MOVEMENT MORTGAGE, LLC ($24,724).

    The lowest rate District Of Columbia FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (5.99%), CARDINAL FINANCIAL (6.00%), CALIBER HOME LOANS, INC. (6.02%), UNITED WHOLESALE MORTGAGE, LLC (6.10%) and FIRST SAVINGS MORTGAGE CORPORATION (6.10%).

    District Of Columbia FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV DISTRICT OF COL 2022 $970,800 $1,243,050 $1,502,475 $1,867,275
    WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV DISTRICT OF COL 2023 $1,089,300 $1,394,775 $1,685,850 $2,095,200

    FHA Loan Requirements

  • Borrowers must have a steady employment history or worked for the same employer for the past two years.
  • Borrowers must have a valid Social Security number, lawful residency in the U.S. and be of legal age to sign a mortgage in your state.
  • Borrowers must pay a minimum down payment of 3.5 percent. The money may be gifted by a family member. (Traditional mortgages do not permit gifted down payments)
  • New FHA loans are only available for primary residence occupancy.
  • Borrowers must have a property appraisal from a FHA-approved appraiser.
  • Borrowers’ front-end ratio (mortgage payment plus HOA fees, property taxes, mortgage insurance, homeowners insurance) needs to be less than 31 percent of their gross income, typically. You may be able to get approved with as high a percentage as 40 percent. Your lender will be required to provide justification as to why they believe the mortgage presents an acceptable risk. The lender must include any compensating factors used for loan approval.
  • Borrowers’ debt to income ratio (mortgage plus all your monthly debt, i.e., credit card payment, car payment, student loans, etc.) needs to be less than 43 percent of their gross income, typically. You may be able to get approved with as high a percentage as 50 percent.
  • Borrowers must have a minimum credit score of 580 for maximum financing with a minimum down payment of 3.5 percent.
  • Borrowers must have a minimum credit score of 500-579 for maximum LTV of 90 percent with a minimum down payment of 10 percent.
  • Bborrowers must be two years out of bankruptcy and have re-established good credit. Exceptions can be made.
  • Typically borrowers must be three years out of foreclosure and have re-established good credit.
  • The purchased property must meet certain minimum standards at appraisal. If the home you are purchasing does not meet these standards and a seller will not agree to the required repairs, your only option is to pay for the required repairs at closing (to be held in escrow until the repairs are complete).