Mortgages in Washington, DC

With the right mortgage loan, achieving your homeownership dreams in Washington, DC, is possible. From Dupont Circle to Anacostia, DC’s neighborhoods have something for everyone. At Griffin Funding, we make it easier for you to secure a Washington, DC, mortgage loan with competitive rates and personalized service to help you find your perfect home in the capital.

Whether you’re a first-time home buyer, a seasoned homeowner, or looking to invest in real estate, we have the expertise and resources to guide you through the Washington, DC mortgage process.

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Self Employed
Select this option if you work for yourself and not an employer.


VA Eligible
If you are a current service member or veteran select this option.


Real Estate Investor
Select this option if you invest in income-producing rental properties.


Other
Select this option if none of the other 3 options apply.

What is the loan purpose?



Purchase
A purchase loan can be used to buy a home.


Refinance
A 'rate and term' refinance allows you to improve the terms of your existing mortgage by lowering the monthly payment. A 'cashout refinance' allows you to convert equity into cash.


Home Equity
A home equity loan or line of credit is a 2nd mortgage that allows you to convert equity to cash without having to touch your existing 1st mortgage.

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    Types of Mortgages Available in Washington, DC

    We offer a comprehensive selection of home loans in Washington, DC, to ensure that every home buyer can find the perfect financing solution to achieve their dreams in the nation’s capital. Types of mortgages we offer include:

    • VA loans: VA loans are guaranteed by the US Department of Veterans Affairs (VA) and are designed to help eligible veterans, active duty service members, and surviving spouses buy homes with favorable terms, including zero down payment requirements and appealing interest rates.
    • Bank statement loans: Ideal for self-employed borrowers, bank statement loans evaluate income based on bank statements rather than traditional tax returns or pay stubs, making it easier for entrepreneurs to qualify for a mortgage.
    • DSCR loans: Debt service coverage ratio (DSCR) loans are available for real estate investors, whether you’re a first-time investor or a seasoned one. With a DSCR loan, mortgage lenders in Washington, DC, evaluate a property’s income-generating potential rather than the borrower’s personal income. DSCR mortgages are a loan type for investment properties.
    • Conventional loans: These traditional loans are not insured by any government agency and come with relatively strict credit and income requirements. However, these loans often have more flexible terms and competitive interest rates.
    • Asset-based loans: Asset-based loans use financial assets like savings and investments and convert them into cash to determine a borrower’s ability to repay their DC mortgage loan. These loans are best suited for those with significant assets but may not meet traditional income requirements.
    • ITIN loans: ITIN loans are designed for individuals without a Social Security number, allowing non-US citizens to purchase a home using their individual taxpayer identification number (ITIN) for identification purposes.
    • Home equity loans: A home equity loan allows you to tap into the equity you’ve accrued and get funds to pay for expenses like home renovations, medical bills, college tuition, and more.
    • FHA loans: FHA loans provide first-time home buyers and those with below average credit profiles to qualify for a low down payment mortgage at a competitive rate.
    • USDA home loans: Depending on where you want to buy a home in DC, you may be able to apply for a USDA mortgage. These loans are reserved for homes in qualifying rural areas.
    • Private money loans: Private money loans provide borrowers with quick access to short-term financing. Whether you need capital for your next real estate investment or money to bridge the gap between buying and selling a home, a private money loan can help.

    Mortgage Rates in Washington, DC

    Mortgage rates in DC can vary based on several factors, all of which influence the total cost of borrowing. These factors include:

    • Mortgage type: Different types of mortgage loans, such as fixed-rate mortgages, adjustable-rate mortgages (ARMs), FHA loans, VA loans, non-QM mortgages, and jumbo loans, may have varying interest rates.
    • Borrower’s credit score: Individuals with higher credit scores typically qualify for lower interest rates because they’re considered less risky to lenders.
    • Loan term: Generally, shorter loan terms have lower interest rates. However, you’ll have higher monthly payments because you have less time to repay your DC mortgage loan.
    • Down payment: A higher down payment may lead to a lower mortgage rate, as it reduces the lender’s risk. The more you put down, the lower your loan amount, reducing your monthly payments.
    • Economic factors: Inflation rates, employment levels, and monetary policy decisions can impact DC mortgage rates.

    Qualifying for a Mortgage in Washington, DC

    When applying for a mortgage in Washington, DC, your lender will consider several key factors to determine your loan eligibility and terms.

    • Credit score: A higher credit score indicates a lower risk for lenders, which can lead to better loan terms. Griffin Funding requires a credit score of 620 for most home loans and a score of 500 or higher for VA loans.
    • DTI ratio: A lower debt-to-income (DTI) ratio demonstrates a borrower has sufficient income to repay their mortgage loan. Most mortgage companies in Washington, DC, require borrowers to have a DTI of less than 43%.
    • Income: Washington, DC, mortgage lenders evaluate borrowers’ income to ensure they earn enough to repay the mortgage. Borrowers with higher incomes may qualify for larger loan amounts.
    • Down payment amount: A higher down payment reduces the loan-to-value (LTV) ratio, which can result in more favorable loan terms, including lower interest rates and reduced mortgage insurance costs. Some loan programs require specific minimum down payment amounts.
    • Home appreciation: If you’re refinancing your mortgage or tapping into your existing home’s equity, lenders will consider your home’s appreciation value as part of the qualifying criteria. A higher appreciation value can increase the amount of equity available for borrowing.

    Think you qualify for a loan? Contact us today to find out!

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    First-Time Home Buyer Programs in Washington, DC

    First-time home buyer programs in Washington, DC, provide assistance to those looking to purchase a home, increasing opportunities and promoting housing affordability. Some home-buying programs available in Washington, DC, include:

    • DC Open Doors Program: This program offers down payment assistance loans and reduced interest rates to help first-time home buyers and repeat buyers purchase a home.
    • Home Purchase Assistance Program (HPAP): HPAP provides interest-free loans and closing cost assistance to low and moderate-income borrowers and families purchasing homes in DC. Eligible borrowers can receive up to $202,000 in down payment assistance.
    • DC4ME: This program assists eligible home buyers who are full-time DC government employees. DC4ME offers competitive terms to help individuals purchase homes, and qualified participants may benefit from a reduced interest rate and down payment assistance.
    • DC Housing Finance Agency (DCHFA) programs: DCHFA offers various homeownership programs, including mortgage credit certificates, down payment assistance, and special financing options for teachers and first responders.

    Work With an Experienced Mortgage Lender in Washington, DC

    Having the right mortgage partner simplifies applying for and securing a home loan in Washington, DC. At Griffin Funding, we understand how challenging it can be to secure a mortgage in the nation’s capital, and we’re committed to helping you find the perfect home loan for your unique situation.

    Whether you’re a first-time home buyer or an investor, our experienced team can lead you through the process to help you choose from our comprehensive selection of mortgage options.

    Partnering with Griffin Funding as your Washington, DC, mortgage lender means accessing a dedicated team committed to your success. Plus, with the Griffin Gold app, you can manage your mortgage on the go. Track your loan, manage your credit score, and communicate directly with us — all from your mobile device.

    Reach out today to learn more about the Washington, DC, mortgage programs you may qualify for.

    Find the best loan for you. Reach out today!

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    Frequently Asked Questions

    Mortgage rates in Washington, DC, depend on a number of factors, including economic conditions, the type of financing you choose, and your own financial profile. While you won’t be able to control economic conditions, there are a number of steps you can take to make yourself a stronger borrower who qualifies for a lower interest rate:

    • Improve your credit score: Pay your bills on time, pay down account balances, and dispute errors on your credit report in order to make your credit score as strong as possible.
    • Save for a larger down payment: While a low down payment can help minimize the upfront costs of buying a home, it can also lead to a higher rate. Putting down more money upfront lowers risk for the lender and can allow you to qualify for a lower rate.
    • Compare mortgage options: In addition to comparing mortgage lenders, you should compare your loan options. Government-backed loans such as VA loans, USDA loans, and FHA loans can help borrowers secure a lower rate.

    Closing costs tend to range between 3% and 6% of the total loan amount. This means that if you take out a $500,000 mortgage, you can expect to pay between $15,000 and $30,000 in closing costs. However, there are a few ways that you can make closing costs more manageable when buying a home in Washington, DC:

    • Get a mortgage that limits closing costs: Certain mortgages, such as VA loans and USDA loans, place limits on the amount that buyers can pay in closing costs.
    • Apply for a home buyer assistance program: There are several home buyer assistance programs available in Washington, DC, that can help low to moderate income buyers pay for closing costs.
    • Roll the closing costs into the mortgage: In some cases, you can roll closing costs into your mortgage and pay them off over time. While this doesn’t lessen the amount you pay in closing costs, it can help alleviate the upfront costs of buying a home.

    The Washington, DC, mortgage company you work with will end up having an impact on the rate you pay and the experience you have throughout the home buying process. When shopping around for mortgage lenders in Washington, DC, keep the following in mind:

    • Interest rate isn’t everything: While many buyers are tempted to go with whichever lender offers the lowest rate, this may not be the best approach. Getting a mortgage is a major financial decision, so you want to work with a lender who offers experience, transparency, and great customer service in order to make the process go smoothly.
    • Read reviews: Make sure to check out a lender’s reviews in order to see what other people have to say about them and understand the level of customer service they offer.
    • Ask about the loan process and fees: A convoluted loan process and hidden fees can end up costing you big when you get to the closing table. Always ask your lender what kind of fees they charge, what their loan process entails, and what their typical loan processing timeline is.