Colorado Housing and Finance Authority Lenders of 2020

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Summary of Colorado Housing and Finance Authority Lenders of 2020

Lender	Best For	Minimum Credit Score	Minimum Down Payment	National/Regional	Learn More
New American Funding NerdWallet rating Read review	veterans	620	3%	National	Read review
Caliber NerdWallet rating Read review	veterans	620	3%	National	Read review
loanDepot NerdWallet rating Read review	FHA loans	620	3.5%	National	Read review
Guild Mortgage NerdWallet rating Read review	FHA loans	620	3%	Regional	Read review
Fairway Independent Mortgage NerdWallet rating Read review	online experience	N/A	3%	National	Read review
Guaranteed Rate NerdWallet rating Read review	online experience	620	3%	National	Read review
PrimeLending NerdWallet rating Read review	rural borrowers	620	3%	National	Read review
Wells Fargo NerdWallet rating Read review	rural borrowers	620	3%	N/A	Read review

Read review

New American Funding: NMLS#6606

4.5

NerdWallet rating

Min. Credit Score

620

Min. Down Payment

3%

National / Regional

National

Read review

Why we like it

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 helps 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.
Home equity lending sets it apart from most non-bank lenders.

Cons

Services not available in all 50 states.

Read Full Review

Read review

Caliber: NMLS#15622

4.0

NerdWallet rating

Min. Credit Score

620

Min. Down Payment

3%

Read review

Why we like it

Ideal for first-time home buyers, veterans and those who may have credit challenges to overcome.

Pros

Participates in some state 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.

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loanDepot: NMLS#174457

4.0

NerdWallet rating

Min. Credit Score

620

Min. Down Payment

3.5%

Read review

Why we like it

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.

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Guild Mortgage: NMLS#3274

4.0

NerdWallet rating

Min. Credit Score

620

Min. Down Payment

3%

Read review

Why we like it

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 loan amounts.

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Read review

Fairway Independent Mortgage: NMLS#2289

4.0

NerdWallet rating

National / Regional

National

Min. Down Payment

3%

Read review

Why we like it

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.

Read Full Review

Read review

Guaranteed Rate: NMLS#2611

4.5

NerdWallet rating

Min. Credit Score

620

Min. Down Payment

3%

Read review

Why we like it

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.

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PrimeLending: NMLS#13649

4.0

NerdWallet rating

Min. Credit Score

620

Min. Down Payment

3%

Read review

Why we like it

Ideal for borrowers with past credit issues and those looking for down payment and closing cost assistance programs.

Pros

Low rate of consumer complaints filed with the Consumer Financial Protection Bureau.
Offers a "float-down" interest rate lock.
Offers a proprietary closing-cost assistance program.

Cons

No online mortgage rates.
Charges an origination fee.
Doesn't offer home equity products.

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Wells Fargo: NMLS#399801

4.0

NerdWallet rating

Min. Credit Score

620

Min. Down Payment

3%

Read review

Why we like it

Ideal for borrowers looking for a national lender with a complete selection of mortgage products for home buyers in all financial stages.

Pros

Loan programs to educate and assist first-time home buyers, union members and others.
Relocation and employee mortgage programs for many large companies.
Accepts down payments as low as 3% on fixed-rate mortgages through its yourFirst Mortgage program.

Cons

Government actions and scandals have damaged consumer trust.

Read Full 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 March 19, 2020

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 Colorado Housing and Finance Authority Lenders of 2020

New American Funding: Best for veterans
Caliber: Best for veterans
loanDepot: Best for FHA loans
Guild Mortgage: Best for FHA loans
Fairway Independent Mortgage: Best for online experience
Guaranteed Rate: Best for online experience
PrimeLending: Best for rural borrowers
Wells Fargo: Best for rural borrowers

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