Buy a Home
Your first home in DC.
Apply for a mortgage in 4 steps
We firmly believe that buying a home should be exciting, not stressful. Here, we outlined the foundational steps you should take before jumping into applying for a mortgage.
Step: Master your budget
Input your annual income, estimated price of your new home, and down payment numbers into our partner Credit Union Mortgage Association’s (CUMA) calculators to determine whether you’re truly ready to make the next step.
Step 2: Choose which loan is right for you
Once you’ve figured out how much you can afford, it’s time to determine which loan makes the most sense. CUMA populates the most ideal loan product and rates for your situation.
Step 3: Get pre-qualified
At this stage, you already have all your ducks in a row–purchase price, down payment, debt-to-income ratio, and loan product. It’s time to get pre-qualified, which is a quick way to get how much loan you can afford with self-reported numbers.
Step 4: Apply for pre-approval (the critical step)
If you’re ready to proceed, gather all your documents and apply for pre-approval. Once you’re pre-approved for financing from DC Credit Union, you can seriously start bidding on the house of your dreams. If you’re unsure whether you’ll be approved, consult with our dedicated mortgage loan officer before submitting your application.
The best part is: you don’t have to do it alone
Our team of dedicated home loan officers are eager to get you loan-ready.
Free 1:1 loan consultation
Talk to a DC Credit Union mortgage loan officer to see if you’re ready to apply for a home loan.
Call our hotline
Want immediate answers? Call our 24/7 hotline at 855-621-5865.
Your questions about mortgages answered
- Your current addresses for the past two years
- Social security numbers for all borrowers
- Your employment history for the past two years. (Employer(s) name, address and phone number.)
- Income information for all borrowers. You’ll be asked to include salary, overtime, bonuses, commissions, interest/dividend, retirement income and any other regular source of income.
- The price of the home you are buying, and how much you’d like to borrow toward the purchase.
- The address of the property you are planning to purchase.
- Bank and brokerage account information, including the institution name and current balances.
- If you own any real estate, we’ll have some basic questions including, address, current market value, the amount you owe, the rental income you receive (if any), and what your monthly payment is.
- Information about your current debts. We’ll ask for the name of the creditor, the account number, the current balance owing and the amount of your monthly payment.
It will take between 20 and 30 minutes to fill out the online application. Be sure you have gathered all of the necessary information (see question above) to streamline the process.
We do not. But we’ll help you save for a 5% down payment, which protects ownership of your home should property values decrease. We can also connect you with down payment assistance programs.
Pre-qualification is an estimate of how much house you can afford, while pre-approval is a conditional commitment to finance.
Let the numbers guide you
Use our calculators to make informed decisions.
Ready to apply for your mortgage?
You’ve completed all preparation and feel ready to get pre-approved for your mortgage.