Best of
Best Colorado Housing and Finance Authority Lenders of 2019
NerdWalletJuly 10, 2019
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The Colorado Housing and Finance Authority, or CHFA, offers programs to help Coloradans become homeowners. Here are some Colorado lenders that can help you buy a house with CHFA loans and grants.
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.
Min. Credit Score
620
Min. Down Payment
3%
Ideal for first-time home buyers, veterans and those who may have credit challenges to overcome.
Pros
- Participates in some down payment assistance programs.
- Offers educational resources for military borrowers.
- Provides digital tools for a streamlined application process.
Cons
- No mortgage rates displayed online.
- Must work with a loan officer for pre-qualification and preapproval.
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.
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 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 are well-qualified.
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 that includes a $150 application fee.
- Offers many products, which might confuse or overwhelm borrowers.
- Several click-throughs required for personalized rates.
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
620
Min. Down Payment
3%
Ideal for first-time home buyers and those seeking specialty mortgages such as construction or condo loans.
Pros
- Offers specialty loans, such as construction, renovation and reverse mortgages.
- Online application and progress tracking available.
- Condo lending specialists on staff.
- Participates in five first-time home buyer assistance programs.
Cons
- Mortgage rates are available only by contacting a loan officer.
- Physical locations not available in all states.
Summary of Best Colorado Housing and Finance Authority Lenders of 2019
| Lender | Best For | Minimum Credit Score | Minimum Down Payment | Learn More |
|---|---|---|---|---|
New American Funding at New American | veterans | 620 | 3% | at New American |
 Caliber | veterans | 620 | 3% | Read review |
loanDepot at loanDepot | FHA loans | 620 | 3.5% | at loanDepot |
 Guild Mortgage | FHA loans | 620 | 3% | Read review |
 Fairway | online experience | N/A | 3% | Read review |
 Guaranteed Rate | online experience | 620 | 3% | Read review |
 PrimeLending | rural borrowers | 620 | 3% | Read review |
 Wintrust Mortgage | rural borrowers | 620 | 3% | Read review |
| Lender | Best For | Minimum Credit Score | Minimum Down Payment | Learn More |
|---|---|---|---|---|
New American Funding at New American | veterans | 620 | 3% | at New American |
Caliber | veterans | 620 | 3% | Read review |
loanDepot at loanDepot | FHA loans | 620 | 3.5% | at loanDepot |
Guild Mortgage | FHA loans | 620 | 3% | Read review |
Fairway | online experience | N/A | 3% | Read review |
Guaranteed Rate | online experience | 620 | 3% | Read review |
PrimeLending | rural borrowers | 620 | 3% | Read review |
Wintrust Mortgage | rural borrowers | 620 | 3% | Read review |
More CHFA participating lenders
These CHFA lenders are among the highest-volume mortgage providers in Colorado, but they haven’t yet been reviewed by NerdWallet.
Cherry Creek Mortgage
- Has special loan programs for first-time home buyers, Native Americans and union members.
- Finances new construction and renovations.
- Has more than 20 branch locations in Colorado.
Elevations Credit Union
- Offers a wide variety of loans, including FHA, VA, USDA and jumbo.
- Displays interest rates online for all of its mortgage products.
- Has more than a dozen branch locations in Colorado.
Citywide Home Loans
- Offers many mortgage products, including construction loans.
- Offers a digital mortgage application for desktop and mobile.
- Has five branch locations in Colorado.
Academy Mortgage
- Offers government loans and conventional mortgages.
- Provides a mobile app borrowers can use to apply for a loan.
- Has more than 20 branch locations in Colorado.
More from NerdWallet:
Last updated on July 10, 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 Colorado Housing and Finance Authority Lenders of 2019
- New American Funding: Best for veterans
- Caliber: Best for veterans
- loanDepot: Best for FHA loans
- Guild Mortgage: Best for FHA loans
- Fairway: Best for online experience
- Guaranteed Rate: Best for online experience
- PrimeLending: Best for rural borrowers
- Wintrust Mortgage: Best for rural borrowers
