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 5.63% for the week of 2024-10-11, compared to the national average (all FHA variants) of 6.1% for the same period.

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

The average rate for the prior week (2024-10-04) was 5.55% and one month ago for the week of 2024-09-06, the average rate was 5.78%.

The average rate one year ago was 6.8%.

For refis of the same type during the week of 2024-10-11, the average rate was 6.07%.

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).