Best of
Best Arizona Department of Housing Mortgage Lenders of 2019
NerdWalletJuly 2, 2019
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Arizona Department of Housing, or ADOH, helps first-time home buyers with down payments and closing costs. NerdWallet lists the best participating lenders.
Min. Credit Score
620
Min. Down Payment
3%
Ideal for borrowers who are looking to apply for a mortgage and manage the process through online tools, whether buying or refinancing. Guaranteed Rate offers FHA, VA and USDA loans for borrowers who meet robust guidelines.
Pros
- Works with most borrowers as long as they have good credit scores and incomes.
- Provides a user-friendly digital platform that’s thorough in covering all types of borrowing scenarios.
- Has a 95% customer satisfaction rate, according to company data.
Cons
- Charges some fees, such as a $1,290 lender fee which includes a $150 application fee.
- Offers many products, which might confuse or overwhelm borrowers.
- Several click-throughs required for personalized rates.
National / Regional
National
Min. Down Payment
3%
Ideal for borrowers who want lots of options and a quick turn time. Fairway Independent Mortgage offers a full selection of home loans along with a comprehensive mobile app for a fast and easy application process.
Pros
- A robust suite of loan products.
- Licensed in all 50 states.
- Close in as little as 10 days using the Fairway app.
Cons
- Limited branch locations.
- Mortgage rates not posted on website.
Min. Credit Score
620
Min. Down Payment
3%
Ideal for those who appreciate the full-service experience of a leading regional bank. Flagstar offers a full menu of fixed and adjustable home loans and mortgage refinancing, as well as jumbo loans and home equity financing.
Pros
- Embraces FHA-backed home loans.
- Offers three construction loan offerings.
- A professional loan package is tailored for the needs of doctors, lawyers, architects and certified public accountants.
- Flagstar reps are familiar with low-down-payment state bond programs for first-time home buyers and income-limited households, as well as the areas that qualify for USDA loans.
- Offers home equity loans and home equity lines of credit.
Cons
- Charges an average $1,000 origination fee.
Min. Credit Score
620
Min. Down Payment
3%
Ideal for borrowers who worry about taking on debt. Churchill advocates "debt-free homeownership" and helps customers achieve that goal. A well-known advocate: financial guru Dave Ramsey.
Pros
- Offers loans to customers without credit scores, using alternative data.
- Helps customers find relevant state housing and rural/farm programs.
- Offers annual mortgage reviews to help borrowers stay on track toward the goal of living debt-free.
Cons
- Not available everywhere: serves 44 states and D.C.
- Some borrowers, particularly in expensive urban areas, may be put off by the debt-free homeownership strategy.
- Does not offer home equity loans or HELOCs, but will "broker them out."
Min. Credit Score
620
Min. Down Payment
3%
Ideal for borrowers looking for help with closing costs: PrimeLending's proprietary program, NeighborhoodEdge, helps qualified low- to moderate-income borrowers with up to $2,000 in closing cost credits (certain restrictions are based on income and location).
Pros
- Low rate of consumer complaints filed with the Consumer Financial Protection Bureau.
- Request a pre-qualification through PrimeLending’s secure system from a phone, tablet or computer.
- Niche mortgage products include energy-efficient mortgages, FHA 203(k) renovation and remodeling loans, manufactured home mortgages and home construction loans.
- Free “float down” interest rate option lets borrowers choose the lower rate if interest rates fall, even with a rate lock.
- NeighborhoodEdge closing cost assistance program for low- to moderate-income borrowers allows qualified borrowers $2,000 in closing cost credits (restrictions on income and location).
- “Alternative doc” program lets borrowers qualify for mortgage based on bank statements rather than tax returns.
Cons
- No live chat online.
- No online mortgage rate quotes.
Min. Credit Score
550
Min. Down Payment
3%
Ideal for borrowers who prefer an online experience. Homebridge offers a variety of home loan options and an online application.
Pros
- A wide variety of loan types.
- Low credit score requirements for government-backed loans.
- A wealth of educational material on its website.
- Licensed in all 50 states.
Cons
- Mortgage application can't be tracked online.
- Charges origination fees on some loans.
- Limited branch locations.
at New American
at New American
Min. Credit Score
620
Min. Down Payment
3%
Ideal for borrowers who need to be evaluated on the basis of nontraditional credit. New American Funding offers FHA and VA loans, works with down payment assistance programs, and seeks borrowers whose credit histories don't fit the mold of traditional banking.
Pros
- Uses manual underwriting to evaluate creditworthiness.
- Offers full online mortgage application, rate quotes, document upload and loan tracking.
Cons
- Services not available in all 50 states.
at loanDepot
at loanDepot
Min. Credit Score
620
Min. Down Payment
3.5%
Ideal for borrowers looking to get a mortgage with help from a loan officer. Digital back-office operations are said to add efficiency to the loan process.
Pros
- Offers digital income, asset and employment verification.
- Has over 150 affiliated loan stores nationwide for customers who prefer face-to-face service.
- One of the nation’s most active lenders of FHA and VA loans.
Cons
- Published mortgage rates include up to three points of prepaid interest and fees.
- Does not offer home equity loans or lines of credit.
Min. Credit Score
620
Min. Down Payment
3%
Ideal for borrowers with a relatively high credit score who may need down payment assistance or help from a state housing agency.
Pros
- Works with loan programs offered by state and local housing agencies.
- Specializes in mortgages for first-time home buyers.
- Almost half of its loans are low-down-payment government mortgages.
- Considers alternative credit, such as history of payments on rent and utilities.
Cons
- With a concentration of offices in the West and South, Guild has little presence in the Northeast and Midwest.
- Jumbo borrowers may find that banks are more competitive when it comes to large-amount loans.
Min. Credit Score
550
Min. Down Payment
3%
Ideal for borrowers who prefer an online experience. Homebridge offers a variety of home loan options and an online application.
Pros
- A wide variety of loan types.
- Low credit score requirements for government-backed loans.
- A wealth of educational material on its website.
- Licensed in all 50 states.
Cons
- Mortgage application can't be tracked online.
- Charges origination fees on some loans.
- Limited branch locations.
Summary of Best Arizona Department of Housing Mortgage Lenders of 2019
| Lender | Best For | Minimum Credit Score | Minimum Down Payment | Learn More |
|---|---|---|---|---|
 Guaranteed Rate | online experience | 620 | 3% | Read review |
 Fairway | online experience | N/A | 3% | Read review |
 Flagstar | limited credit history | 620 | 3% | Read review |
 Churchill | limited credit history | 620 | 3% | Read review |
 PrimeLending | fixer-uppers | 620 | 3% | Read review |
 HomeBridge | fixer-uppers + government-backed loans | 550 | 3% | Read review |
New American Funding at New American | personalized service | 620 | 3% | at New American |
loanDepot at loanDepot | personalized service | 620 | 3.5% | at loanDepot |
 Guild Mortgage | government-backed loans | 620 | 3% | Read review |
| Lender | Best For | Minimum Credit Score | Minimum Down Payment | Learn More |
|---|---|---|---|---|
Guaranteed Rate | online experience | 620 | 3% | Read review |
Fairway | online experience | N/A | 3% | Read review |
Flagstar | limited credit history | 620 | 3% | Read review |
Churchill | limited credit history | 620 | 3% | Read review |
PrimeLending | fixer-uppers | 620 | 3% | Read review |
HomeBridge | fixer-uppers + government-backed loans | 550 | 3% | Read review |
New American Funding at New American | personalized service | 620 | 3% | at New American |
loanDepot at loanDepot | personalized service | 620 | 3.5% | at loanDepot |
Guild Mortgage | government-backed loans | 620 | 3% | Read review |
Last updated on July 2, 2019
Methodology
NerdWallet's selection of mortgage lenders for inclusion here was made based on our evaluation of the products and services that lenders offer to consumers who are actively shopping for the best mortgage. The six key areas we evaluated include the loan types and loan products offered, online capabilities, online mortgage rate information, customer service and the number of complaints filed with the Consumer Financial Protection Bureau as a percentage of loans issued. We also awarded lenders up to one bonus star for a unique program or borrower focus that set them apart from other lenders. To ensure consistency, our ratings are reviewed by multiple people on the NerdWallet Mortgages team.
To recap our selections...
NerdWallet's Best Arizona Department of Housing Mortgage Lenders of 2019
- Guaranteed Rate: Best for online experience
- Fairway: Best for online experience
- Flagstar: Best for limited credit history
- Churchill: Best for limited credit history
- PrimeLending: Best for fixer-uppers
- HomeBridge: Best for fixer-uppers + government-backed loans
- New American Funding: Best for personalized service
- loanDepot: Best for personalized service
- Guild Mortgage: Best for government-backed loans
