Established as the nation's capital, Washington, D.C. doesn't really seem like an actual state, but it does exist as a legal entity separate from the other states. The District of Columbia has its own laws, police force, and city management. The District is predominantly a government zone, made up mainly of federal government agencies. However, there is also a vibrant industry of law firms and advocacy offices as well. The District's economy is predominantly services, but it also enjoys a healthy contribution from tourism.

As of recent U.S. Census Bureau estimates, the District's population is roughly 700,000, placing Washington among the 25 most populous cities in America. The Washington metropolitan area, which includes parts of Virginia and Maryland, is home to more than 6 million people and ranks as one of the largest metro areas in the United States. The District's economy is quite robust: it generates well over $150 billion in annual output. If the District were a state, that figure would rank it near the middle of the pack, an impressive number for such a small area.

The typical home value in D.C. is around $600,000 (Zillow), and median sale prices run higher still, well above the national average. It's an expensive place to live, which makes shopping for a great mortgage all the more important.

DC Neighborhoods

If you're interested in buying property in the nation's capital, the first step is to examine the neighborhoods and determine which is likely to be the best fit for you. Some of DC's neighborhoods are great for young adults and singles, while others are perfect for raising a family. Here's our take on your options for living in Washington, D.C.

Dupont Circle

Located in northwest DC, this neighborhood is centered around Dupont Circle, a traffic circle / park with a fountain in the middle. It is full of popular restaurants, museums, and bars. Dupont Circle is one of the top destinations in the city for young professionals with an active social life.

Logan Circle

Logan Circle, another neighborhood centered around a traffic circle, has undergone significant gentrification over the past couple of decades, which some argue began with the opening of a Whole Foods in 2000. The neighborhood is home to a large LGBT community, and both 14th Street and P Street are local hotspots.

Penn Quarter

This is a relatively new neighborhood, and indeed some locals still refer to Penn Quarter as Old Downtown. The neighborhood took off when the downtown arena, now known as Capital One Arena and home to the NBA's Wizards and the NHL's Capitals, opened in 1997, and today it is home to a variety of restaurants, art, and entertainment options.

Chevy Chase

Though it straddles the line into Maryland, Chevy Chase is a close-in suburb of Washington, D.C. - it sits right at the border between Maryland & DC - and it is a great location for families. Chevy Chase boasts great schools and a very low crime rate, and the scenery is also top notch - this area is known for its beautiful cherry blossoms.

Washington DC Banks & Credit Unions

The following national banks operate branches in DC. Where available, we've also provided links to relevant reviews on RateZip.com.

  • Amalgamated Bank
  • Bank of America
  • Capital One
  • Chase (JPMorgan Chase)
  • Citibank
  • M&T Bank
  • PNC Bank
  • TD Bank
  • Truist
  • Wells Fargo

See here for a complete list.

A number of credit unions are also based in or closely tied to the District of Columbia, including several that serve federal employees:

  • Agriculture Federal Credit Union (AgFed)
  • Department of Labor Federal Credit Union
  • District Government Employees Federal Credit Union
  • Democracy Federal Credit Union
  • Police Federal Credit Union
  • Pentagon Federal Credit Union (PenFed)

As you can see, there is no shortage of choices for the citizens of DC when it comes to banking. Comparing options, however, is not always simple, which is why RateZip offers you the opportunity to see offers from multiple financial institutions.

Shop for a Home Loan in the District of Columbia

For those looking to move to Washington, D.C., a review of mortgage rates on RateZip.com is a must to arrange the best purchase financially. With the high cost of living in the city, it's important to find the lowest rate and the best terms available to you. If you are a first-time home buyer in the District of Columbia, it may be wise to consider a loan backed by the Federal Housing Administration, or FHA. FHA home loans have more flexible underwriting standards than conventional loans backed by Freddie Mac and Fannie Mae, which means these mortgages are available to borrowers with less-than-perfect credit. Additionally, it's possible to obtain an FHA mortgage with a low down payment, including one as low as 3.5%.

First-time buyers should also look into the DC Housing Finance Agency (DCHFA) and its DC Open Doors program, which pairs eligible buyers with below-market first mortgages plus down payment and closing-cost assistance for purchases in the District. Because program terms and income limits change from year to year, confirm the current details before you apply.

Many DC homebuyers must also consider a jumbo mortgage, which is a loan for borrowers who need more money than the conforming loan limits set by Fannie Mae and Freddie Mac allow. Jumbo mortgage rates can differ from conforming rates depending on market conditions. Because Washington, D.C. is designated a high-cost area, its conforming loan limit is set at the federal ceiling, well above the national baseline - for a one-unit home that ceiling exceeds $1.2 million. For the most accurate picture of where rates stand today, review current mortgage rates on RateZip.com.