Knowledge Center
Everything you need to know about the home-buying process, from checking your credit to getting the keys, explained clearly by the Washington Home Mortgage team.
For over 20 years, Washington Home Mortgage has helped first-time buyers in the D.C./Maryland area navigate one of life’s most exciting milestones. As an independent broker, we shop dozens of lenders to find you the best possible rate, not just what one bank offers.
This guide walks you through every stage of the process so you feel confident, prepared, and never caught off guard.
Watch & Learn
Watch our mortgage specialists walk through the home-buying process step by step in this short introductory video.
The Process
Your credit score and debt-to-income ratio are the foundation of your mortgage. We’ll review your full financial picture and identify any areas to address before applying, at no cost.
You’ll review and sign your final loan documents, pay your closing costs and down payment, and receive your keys. On average, our clients close in 30–45 days from application.
Loan Programs
As an independent broker, we access dozens of programs. Here are the most popular options for first-time buyers.
Backed by the Federal Housing Administration. Ideal for buyers with lower credit scores or smaller down payments. Requires as little as 3.5% down.
Not government-backed. Best for buyers with strong credit (620+) and stable income. Down payments start at 3% for qualifying first-time buyers.
From 3% Down
Exclusive to eligible veterans, active-duty service members, and surviving spouses. No down payment required, no private mortgage insurance (PMI).
For buyers purchasing in eligible rural or suburban areas. Offers 100% financing and competitive interest rates for qualifying income levels.
Maryland, D.C., and Virginia offer grant and loan programs that provide down payment and closing cost assistance for qualifying first-time buyers.
Fixed-rate mortgages lock in your payment for the life of the loan. ARMs offer a lower initial rate that adjusts later — useful for buyers planning to sell or refinance.
Be Prepared
Common Questions
It depends on the loan type. FHA loans require as little as 3.5% down. Conventional loans can go as low as 3% for qualifying first-time buyers. VA and USDA loans require no down payment at all. Your down payment affects your monthly payment and whether you’ll pay private mortgage insurance (PMI).
Most programs require a minimum score of 620, though FHA loans are available with scores as low as 580 (with 3.5% down) or even 500 (with 10% down). A higher credit score typically earns you a better interest rate. We can review your credit profile and suggest improvement strategies before you apply.
Pre-qualification is a quick review of your financial overview — it gives you a general idea of what you might qualify for. Pre-approval involves full documentation review and credit verification, giving you a firm loan commitment amount. Sellers take pre-approval much more seriously in competitive markets like D.C. and Maryland.
Closing costs typically run between 2–5% of the purchase price and include lender fees, title insurance, appraisal, attorney fees, and prepaid items like homeowner’s insurance and property taxes. Some of these costs can be rolled into the loan or negotiated as a seller concession.
From application to closing, most loans close in 30–45 days. Having your documentation ready and responding promptly to requests helps keep things on track. In competitive situations, we can often accelerate the timeline with proactive lender communication.
