Buying a condo in Navy Yard

Navy Yard studios start around $300,000-$400,000, one-bedrooms run $400,000-$550,000, and two-bedrooms run $550,000 to $800,000. Penthouses and townhouse-style units can reach $1 million or more.

FHA and VA approval is granted building by building, so check each building. Use HUD's condo lookup tool for FHA approval and the VA's approved condo list for VA approval. Confirm the approval is current, because approvals expire.

Yes, if the building is VA-approved. A VA loan needs no down payment and has no monthly mortgage insurance. Navy Yard is next to the historic Washington Navy Yard and near Joint Base Anacostia-Bolling. A one-time VA funding fee is due at closing; the amount depends on your down payment and whether you have used the benefit before, and it is waived for veterans receiving VA compensation for a service-connected disability.

High-rise buildings charge about $500-$700 a month, mid-rise buildings $350-$500, and townhouse-style condos $200-$350. The dues generally cover amenities such as gyms, pools and rooftop terraces, plus water, trash and common-area maintenance. Lenders count HOA dues in your debt-to-income ratio, so higher dues lower the amount you can borrow.

An FHA loan needs 3.5% down if the building is FHA-approved, and the whole down payment can be a gift from family. A conventional loan needs 3% down in a warrantable building. A VA loan needs no down payment if the building is VA-approved. Qualifying first-time DC buyers also pay a reduced recordation tax rate of 0.725% on purchases up to $777,000 (tax year 2026). A home priced up to $576,000 (tax year 2026) can also qualify for the DC Tax Abatement program, which waives recordation tax and abates property tax for five years. Buyers within the income limits can also apply for DC Open Doors (through DCHFA's participating lenders) or HPAP (through DHCD-certified housing counseling agencies) for help with the down payment and closing costs.

Warrantability is decided building by building. A building meets Fannie Mae and Freddie Mac requirements when its HOA is professionally managed, at least 10% of its budget goes to reserves, and no single entity owns more than 20% of the units. A warrantable building gets the widest range of loan options. Confirm with the HOA questionnaire, because a building with a high share of investor owners can lose warrantability.

District Mortgage does not forecast prices. On the financing side, an investment condo loan needs 15-25% down and carries a higher rate than a loan on a home you live in. Check the condo bylaws for a rental cap, which limits how many units in the building can be rented.

Plan for $10,000-$20,000 in total closing costs. That covers DC's recordation tax on the purchase price (1.1% below $400,000 and 1.45% at $400,000 and above), your share of the transfer tax at the same rates, title insurance, lender fees and prepaid items. Qualifying first-time DC buyers pay a reduced recordation tax rate of 0.725% on purchases up to $777,000 (tax year 2026).

Not always. Some units include a parking space; in other buildings a space sells separately for $30,000-$75,000 or rents for $150-$300 a month. Navy Yard has Metro service on the Green Line. If you need a space, add its cost to your purchase budget.

Plan for 45-60 days from contract to closing. A condo takes longer than a single-family home because of the HOA document review and the lender's building approval or warrantability review. New-construction buildings can have extra documentation requirements. A pre-approval and early document collection keep the closing on schedule.

District Mortgage is a licensed mortgage broker, not a bank or direct lender. We do not fund loans with our own money. We take your application, prepare your file, and submit it to a wholesale lender, which funds the loan. NMLS #2819502 — verify us at nmlsconsumeraccess.org.

No. We are licensed in the District of Columbia only, so the property has to be in DC. We cannot accept an application or a pre-qualification request for a property in Maryland, Virginia, or any other state. If your property is elsewhere, nmlsconsumeraccess.org will show you licensed originators in that state.

Alan Trombley, Principal Mortgage Loan Originator, NMLS #2805044, is your loan officer. He is licensed in the District of Columbia and handles every file from pre-qualification through closing.

Our rates page is the source for our pricing. It shows an effective date, the APR next to every rate, and the borrower assumptions each example is priced on. Rates shown anywhere on this site are current rate examples priced for the borrower assumptions published with them. They are not offers of credit or commitments to lend, and pricing changes daily. Anyone quoting a rate from us should cite the effective date it was published with.