Washington Bad Credit Mortgage Lenders

As the nations capital, when most people think of Washington DC they think of well known monuments. The Washington and Lincoln Memorials and the White House, for example, are all in the District of Columbia. All in all, Washington DC is a small state, despite being the capital of one of the largest countries in the world. There are, by the last census count, 276,600 housing units in total in Washington DC. Of those 276,600, there are 248,563 of them that are occupied. Therefore, the percentage of ownership is 89.9%, which is not far above the national average of 89.6%, leaving an acceptable number of homes vacant and available for purchase. Where the District of Columbia does fall far below the national average is home purchasing compared to renting a home.

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While the national average for home being rented is 32.9%, according to the most recent census the average of home rentals in Washington DC is an astonishing 56.4%. While most states and housing markets do fluctuate in accordance with the national average, the difference between the state and national average are normally only within a margin of 5 to 10%. Normally a difference of this magnitude from the median would affect the national average significantly, however, the District of Columbia is so small that even though its rental rate is nearly double the national average, it only affects the national average in a minute way. What this means for prospective home buyers is that buying a home in Washington DC will require dealing with a very small market. The options will be limited, and lending facilities will be less prevalent.

The small housing market in Washington DC does not mean that a prospective buyer won’t be able to find a house. There are many houses available, and a wealth of lenders who will be able to provide finance for the purchase, however, there are limiting factors. The size of the market means that unless the prospective home buyer is particularly lucky and manage to find a house that suits them perfectly, they may have to be patient and wait until a suitable home can be found, vacated, or built. In states with larger markets, the building time on a house will likely be shorter, as high demand in the market will ensure a broad band of local builders. Once again, the housing market in Washington DC, while small, will also be able to provide a newly build home, but some patience may be required.