Fixed-Rate Mortgages in Washington D.C.

The requirements for a fixed-rate mortgage vary among lenders, but generally, borrowers need to meet the following criteria:

1. Credit score: Most lenders require a minimum credit score of 620-640, although some lenders may require a higher score. A higher credit score can make it easier to qualify for a mortgage and can result in a lower interest rate.
2. Income and employment: Borrowers must demonstrate a 2-year history of steady and sufficient employment and income to make the monthly mortgage payments. Lenders typically require proof of income, such as pay stubs, w-2’s and tax returns.
3. Residence: Most lenders require borrowers to be either a U.S. citizen or a permanent resident. Some lenders will also provide loans to certain work visa holders.
4. Down payment: Borrowers typically need to make a down payment of at least 3-5% of the home’s purchase price.
5. Assets: Borrowers must have enough funds available make the down payment, pay for closing costs and pre-paid expense, and still have some reserves. 
6. Debt-to-income ratio: Lenders consider the borrower’s debt-to-income (DTI) ratio, which is the ratio of their monthly debt payments to their monthly income. Each lender has their own DTI ratio requirement. Depending on the specifics of the mortgage loan, some lenders will allow a DTI ratio of 50%.

It’s important to note that these requirements may vary depending on the mortgage lender, the type of mortgage, and other factors, so it’s best to check with several lenders to see which requirements apply to you.