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8 Best CalHFA Mortgage Lenders of 2023

CalHFA loan programs help you purchase a home in California with down payment and closing cost assistance. See our picks for CalHFA participating lenders.

By
Barbara Marquand
Jul 12, 2023

Some or all of the mortgage lenders featured on our site are advertising partners of NerdWallet, but this does not influence our evaluations, lender star ratings or the order in which lenders are listed on the page. Our opinions are our own. Here is a list of our partners.

Best CalHFA Mortgage Lenders

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Lender
NerdWallet Rating
Min. credit score
Min. down payment
Learn more
Guaranteed Rate

Guaranteed Rate: NMLS#2611

Top 3 most visited 🏆
Learn moreat Guaranteed Rate
at Guaranteed Rate
Home loans overall
Best for online experience

620

3%

New American Funding

New American Funding: NMLS#6606

4.0
/5
VA loans
Best for veterans

580

0%

Wintrust Mortgage

Wintrust Mortgage: NMLS#449042

Read review
4.0
/5
Home loans overall
Best for variety of loan types

620

3%

loanDepot

loanDepot: NMLS#174457

3.5
/5
Home loans overall
Best for fixer-uppers

620

5%

Flagstar

Flagstar: NMLS#417490

5.0
/5
Home loans overall
Best for first-time home buyers

620

3%

Guaranteed Rate
Learn moreat Guaranteed Rate
at Guaranteed Rate
Guaranteed Rate

Guaranteed Rate: NMLS#2611

5.0
Home loans overall
NerdWallet rating
Min. credit score

620

Min. down payment

3%

Why We Like ItGood for: borrowers seeking a broad menu of loans, including jumbo and interest-only options, renovation loans and government-backed mortgages, as well as home equity lines of credit.
Pros
  • Offers a one-day mortgage approval process.
  • Offers a generous selection of loans, including government-backed, interest-only, ITIN, jumbo, and renovation loans.
  • Advertises a HELOC that can be funded in as few as five business days.
  • Receives high marks for customer satisfaction, according to J.D. Power and Zillow.
Cons
  • Origination fees are higher than average, according to the latest federal data.
  • HELOC has a relatively short draw period, which may not provide flexibility for someone who wants the option of accessing home equity over a longer period.
Read Full Review
New American Funding
Learn moreat New American Funding
at New American Funding
New American Funding

New American Funding: NMLS#6606

4.0
Min. credit score

580

Min. down payment

0%

Why We Like ItGood for: First-time home buyers and other borrowers looking for a broad array of loan choices.
Pros
  • Offers a wide variety of purchase and refinance mortgages with an emphasis on helping underserved communities.
  • Its home equity line of credit can be used for an owner-occupied or second home.
  • Offers a program to enable buyers to make cash offers.
Cons
  • Mortgage origination fees tend to be on the high end, according to the latest federal data.
Wintrust Mortgage

Wintrust Mortgage: NMLS#449042

4.0
Home loans overall
NerdWallet rating
Min. credit score

620

Min. down payment

3%

Why We Like ItWintrust Mortgage offers a variety of loan products, including home equity lines of credit and even home-improvement loans, and provides a number of online conveniences, such as loan process updates. But you won’t find rates posted online.
Pros
  • Offers specialty loans, such as construction and renovation loans and loans for second homes and investment properties.
  • Participates in first-time home buyer assistance programs in Illinois, Indiana and Wisconsin.
Cons
  • Sample rates for some loan products are available only by contacting a loan officer.
  • Physical locations aren't available in all states.
loanDepot

loanDepot: NMLS#174457

3.5
Home loans overall
NerdWallet rating
Min. credit score

620

Min. down payment

5%

Why We Like ItGood for: borrowers who are comfortable with an entirely online experience, and who want a one-stop shop for buying and selling.
Pros
  • Offers a variety of repayment terms.
  • Online loan calculator lets borrowers compare monthly payments and lifetime interest.
  • Receives high marks for customer satisfaction, according to J.D. Power and Zillow.
Cons
  • No sample interest rates are provided.
  • Origination fees are on the higher end, according to the latest federal data.
  • Lender’s website does not have a live chat feature.
Flagstar

Flagstar: NMLS#417490

5.0
Home loans overall
NerdWallet rating
Min. credit score

620

Min. down payment

3%

Why We Like ItGood for: Borrowers who may benefit from Flagstar’s unique loan options, such as ITIN loans, loans for manufactured homes or physician loans.
Pros
  • Multiple loans for those who are renovating or building a home, including loans with interest-only payments during construction.
  • Offers home equity loans and lines of credit.
  • Offers down payment assistance and loans for underserved borrowers, including ITIN loans and loans with flexible qualifications in certain communities.
  • Interest rates are on the low side relative to other lenders, according to the latest federal data.
  • Borrowers can enter their information (including their desired loan amount, down payment and zip code) into the lender’s Mortgage Quote Comparison tool and receive a customized rate quote.
Cons
  • Home equity loans are not available in all locations served by Flagstar.
  • In 2022, the lender was fined for violating laws regarding properties in flood zones.
Freedom Mortgage

Freedom Mortgage: NMLS#2767

2.5
Home loans overall
NerdWallet rating
Min. credit score

620

Min. down payment

3%

Why We Like ItGood for: borrowers seeking an experienced lender for an FHA, VA or jumbo loan, and preferring in-person service.
Pros
  • Offers conventional, FHA, VA, USDA and jumbo loans.
  • Multiple customer service options, including brick-and-mortar branches, online message center and phone.
  • Low average mortgage interest rates, according to the latest federal data.
Cons
  • No mortgage rates displayed online.
  • Fined $1.75 for illegal kickbacks to real estate agents and brokers for loan referrals.
  • Origination fees are on the high side, according to the federal latest data.
Northpointe

Northpointe: NMLS#447490

4.0
Home loans overall
NerdWallet rating
Min. credit score

620

Min. down payment

3%

Why We Like ItGood for: borrowers with credit challenges or self-employed home buyers seeking a variety of mortgage offerings and who don’t mind doing a little bit of manual research.
Pros
  • Offers government-backed FHA and VA loans, including refinancing options, and USDA loans.
  • Jumbo loans available for vacation homes and investment properties.
  • Offers programs for borrowers with credit challenges, self-employed borrowers and professionals early in their careers who may still carry significant debt.
Cons
  • You’ll need to provide contact information or speak to a loan officer for customized mortgage rates.
  • Origination fees are on the high side, according to the latest federal data.
  • Doesn’t offer home equity loans or lines of credit.
Wells Fargo

Wells Fargo: NMLS#399801

4.0
Home loans overall
NerdWallet rating
Min. credit score

620

Min. down payment

3%

Why We Like ItGood for: existing customers of the bank looking for a wide selection of mortgage products, as well as self-employed borrowers and home buyers without Social Security numbers.
Pros
  • Sample rates clearly posted for various loan products.
  • Offers a wide variety of loan types and products, including options for borrowers who work for themselves and those without Social Security numbers.
  • Mortgage rates tend to be on the low side compared with other lenders, according to the latest federal data.
Cons
  • Home loans business is broadly focused on bank customers.
  • Doesn’t offer home improvement loans, or home equity loans or lines of credit.
  • Scandals and government actions have damaged consumer trust in recent years.

More from NerdWallet

Last updated on July 12, 2023

Methodology

NerdWallet's star ratings for mortgage lenders are awarded based on our evaluation of the products and services each lender offers to consumers who are actively shopping for the best mortgage. The five key areas we evaluated include the variety of loan types and products offered, online conveniences, online mortgage rate information, and the average interest rate and origination fee lenders reported in the latest available Home Mortgage Disclosure Act data. To ensure consistency, our ratings are reviewed by multiple people on the NerdWallet mortgages team. Lenders listed on this page participate in the CalHFA program and earned at least 4 out of 5 stars in NerdWallet's rating.

To recap our selections...

NerdWallet's Best CalHFA Mortgage Lenders of 2023

  • Guaranteed Rate: Best for online experience
  • New American Funding: Best for veterans
  • Wintrust Mortgage: Best for variety of loan types
  • loanDepot: Best for fixer-uppers
  • Flagstar: Best for first-time home buyers
  • Freedom Mortgage: Best for FHA loans
  • Northpointe: Best for online experience
  • Wells Fargo: Best for first-time home buyers
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