District Of Columbia FHA Loan Rates, Closing Costs & Stats

District of Columbia

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 -0.83% for the week of 2024-02-23, compared to the national average (all FHA variants) of 0% for the same period.

District Of Columbia's average FHA mortgage closing costs are $14,415.

The average rate for the prior week (2024-02-16) was 6.01% and one month ago for the week of 2024-01-19, the average rate was 5.85%.

The average rate one year ago was 5.51%.

For refis of the same type during the week of 2024-02-23, the average rate was -1.83%.

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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
CALIBER HOME LOANS, INC. 35 4.42% $20,304
QUICKEN LOANS, LLC 31 4.09% $15,963
Capital Bank 29 4.81% $16,690
FIRST HOME MORTGAGE CORPORATION 20 5.06% $20,593
LOANDEPOT.COM, LLC 17 4.23% $15,804
EVERETT FINANCIAL, INC. 13 4.57% $13,546
EagleBank 12 4.81% $11,700
FIRST SAVINGS MORTGAGE CORPORATION 11 4.65% $17,916
Mr. Cooper ( Nationstar Mortgage ) 11 3.72% $14,255
DRAPER AND KRAMER MORTGAGE CORP. 10 4.49% $18,709
PENNYMAC LOAN SERVICES, LLC 10 4.35% $12,037
CARDINAL FINANCIAL 9 4.65% $28,026
NFM, INC. 9 4.74% $16,904
FREEDOM MORTGAGE CORPORATION 9 3.39% $10,182
HOMESIDE FINANCIAL, LLC 8 5.17% $15,049
MOVEMENT MORTGAGE, LLC 8 4.25% $24,106
NVR Mortgage Finance, Inc. 8 3.36% $19,072
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 8 4.19% $14,376
Prosperity Home Mortgage, LLC 7 4.37% $18,789
AMERISAVE MORTGAGE CORPORATION 7 4.34% $16,543
M&T Bank 7 5.14% $17,472
EMBRACE HOME LOANS, INC. 7 4.85% $13,859
NEWREZ LLC 6 5.48% $14,076
Sandy Spring Bank 6 4.15% $16,655
Carrington Mortgage Services, LLC 6 5.58% $18,073
UNITED WHOLESALE MORTGAGE, LLC 6 5.55% $20,112
Vellum Mortgage, Inc. 6 4.13% $16,558
Towne Bank 5 4.95% $20,972
HOME POINT FINANCIAL CORPORATION 5 4.05% $15,253
INTERCOASTAL MORTGAGE COMPANY 5 4.55% $17,928
HOMESPIRE MORTGAGE CORPORATION 5 5.53% $22,035
Plains Commerce Bank 4 4.12% $13,579
MUTUAL OF OMAHA MORTGAGE, INC. 4 4.72% $14,637
Paramount Residential Mortgage Group, Inc. 4 6.19% $19,103
The Federal Savings Bank 4 5.22% $20,326
BROKER SOLUTIONS, INC. 4 5.15% $20,905
First Heritage Mortgage, LLC 4 5.53% $19,707
HOMEBRIDGE FINANCIAL SERVICES, INC. 4 3.50% $19,382
Lakeview Community Capital, LLC 4 4.16% $11,170
LAKEVIEW LOAN SERVICING, LLC 4 3.31% $9,345
MCLEAN MORTGAGE CORPORATION 4 3.90% $16,284
George Mason Mortgage, LLC 3 4.58% $28,136
CROSSCOUNTRY MORTGAGE, LLC 3 4.96% $17,843
Evolve Bank & Trust 3 5.46% $20,787
GUARANTEED RATE, INC. 3 4.58% $17,425
CMG MORTGAGE, INC. 3 5.33% $21,412
FINANCE OF AMERICA MORTGAGE LLC 3 4.63% $49,295
BAY CAPITAL MORTGAGE CORPORATION 3 4.21% $12,945
MANN FINANCIAL INC. 2 4.38% $14,784
MY MORTGAGE, INC. 2 5.13% $29,623
Wells Fargo Bank 2 5.19% $4,636
U.S. Bank 2 4.31% $16,642
Blue Ridge Bank 2 3.69% $19,165
Flagstar Bank, FSB 2 5.50% $38,713
Fulton Bank 2 4.50% $9,851
Atlantic Coast Mortgage, LLC 2 5.00% $13,651
MISSION MORTGAGE LLC 2 4.94% $14,156
Hometown Lenders, Inc. 2 4.87% $18,317
ARC HOME LLC 2 3.81% $16,187
BAY EQUITY LLC 2 5.75% $12,582
SECURITYNATIONAL MORTGAGE COMPANY 1 6.75% $27,797
1ST PREFERENCE MORTGAGE CORP. 1 6.50% $14,912
AMERICAN BANCSHARES MORTGAGE 1 7.75% $25,954
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 4.13% $12,462
Ameris Bank 1 5.13% $12,498
Bank of England 1 4.63% $30,858
Barrington Bank & Trust Company, N.A. 1 6.25% $9,061
BAYSHORE MORTGAGE FUNDING, LLC 1 6.63% $15,697
BECKAM FUNDING CORP. 1 5.25% $24,158
CAPITAL CENTER, L.L.C. 1 5.63% $7,523
Citibank 1 4.50% $5,544
Citizens Bank 1 6.00% $26,152
EMM LOANS LLC 1 4.50% $11,280
EQUITY RESOURCES, INC. 1 4.63% $26,735
FIDELITY DIRECT MORTGAGE, LLC 1 2.99% $33,475
First Federal Bank 1 3.63% $8,452
First Savings Bank 1 3.00% $16,815
GUARANTEED RATE AFFINITY, LLC 1 4.63% $18,823
JAMS-01, INC. 1 3.75% $7,706
JPMorgan Chase Bank 1 4.38% $15,949
Meridian Bank Corporation 1 4.25% $12,621
NATIONS DIRECT MORTGAGE, LLC 1 3.13% $17,304
North American Savings Bank, F.S.B. 1 4.75% $10,204
PANORAMA MORTGAGE GROUP, LLC 1 5.75% $10,445
PLAZA HOME MORTGAGE, INC. 1 5.63% $23,765
Presidential Bank, FSB 1 3.75% $9,670
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 5.25% $12,691
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 4.38% $44,543
ROUNDPOINT MORTGAGE SERVICING CORPORATION 1 5.13% $38,694
1ST FINANCIAL, INC. 1 5.63% $28,141
STOCKTON MORTGAGE CORPORATION 1 3.00% $26,743
THE MORTGAGE LINK, INC. 1 4.50% $13,356
Truist 1 4.70% $20,401
UNITED MORTGAGE CORP 1 3.75% $13,480
UNIVERSAL MORTGAGE & FINANCE, INC. 1 3.75% $15,577
US MORTGAGE CORPORATION 1 6.63% $61,099

The top District Of Columbia FHA lender as defined by loan originations is CALIBER HOME LOANS, INC., with 35 FHA loans originated. Their average total fees are $20,304, which is $4,341 higher than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee District Of Columbia FHA lenders (with over 10 loans originated) are EagleBank ($11,700), PENNYMAC LOAN SERVICES, LLC ($12,037), EVERETT FINANCIAL, INC. ($13,546), Mr. Cooper ( Nationstar Mortgage ) ($14,255) and LOANDEPOT.COM, LLC ($15,804).

The lowest rate District Of Columbia FHA lenders (with over 10 loans originated) are Mr. Cooper ( Nationstar Mortgage ) (3.72%), QUICKEN LOANS, LLC (4.09%), LOANDEPOT.COM, LLC (4.23%), PENNYMAC LOAN SERVICES, LLC (4.35%) and CALIBER HOME LOANS, INC. (4.42%).

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).