Best of
Best Connecticut Housing Finance Authority Lenders of 2019
NerdWalletMay 24, 2019
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CHFA, or the Connecticut Housing Finance Authority, provides below-market-rate mortgages and help for making down payments and paying closing costs. These lenders can help you apply for assistance.
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 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 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.
National / Regional
National
Min. Down Payment
3%
Ideal for first-time home buyers or those with weaker credit. Citibank Mortgage, a large-scale lender with a full menu of home loan products, offers low down payment options and considers alternative credit data.
Pros
- Low down payment options.
- Discounts for Citibank customers.
- Looks at alternative credit data like rent history and child support payments.
- Available in all 50 states.
Cons
- Charges a mortgage application fee.
- Did not disclose origination fees, which may vary.
- Can't complete loan online.
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 loans.
- 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 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.
Summary of Best Connecticut Housing Finance Authority Lenders of 2019
| Lender | Best For | National/Regional | Minimum Down Payment | Learn More |
|---|---|---|---|---|
 Fairway | online convenience | National | 3% | Read review |
 Guaranteed Rate | online convenience | National | 3% | Read review |
 HomeBridge | FHA loans | National | 3% | Read review |
loanDepot at loanDepot | FHA loans | National | 3.5% | at loanDepot |
 Citibank Mortgage | use of nontraditional credit information | National | 3% | Read review |
 Flagstar | use of nontraditional credit information | National | 3% | Read review |
 PrimeLending | use of nontraditional credit information | National | 3% | Read review |
| Lender | Best For | National/Regional | Minimum Down Payment | Learn More |
|---|---|---|---|---|
Fairway | online convenience | National | 3% | Read review |
Guaranteed Rate | online convenience | National | 3% | Read review |
HomeBridge | FHA loans | National | 3% | Read review |
loanDepot at loanDepot | FHA loans | National | 3.5% | at loanDepot |
Citibank Mortgage | use of nontraditional credit information | National | 3% | Read review |
Flagstar | use of nontraditional credit information | National | 3% | Read review |
PrimeLending | use of nontraditional credit information | National | 3% | Read review |
More CHFA participating mortgage lenders
These participating lenders have not been reviewed by NerdWallet, but they are among the top 10 lenders by volume in Connecticut.
People’s United Bank
- Publishes general rates online for variety of mortgages.
- Has an online chat feature.
- Has an online application to start the mortgage process.
- Offers a $500 credit at closing on purchase loans.
Webster Bank
- Has a 30-day mortgage closing guarantee.
- Publishes rates online for a variety of mortgages.
- Has online chat feature.
- Offers online application for some mortgages.
Total Mortgage Services
- Has a 21-day closing guarantee program.
- Has a robust mobile app for applying and checking loan status.
- Publishes general mortgage rates online.
- Offers an online tool to select mortgage based on goals and financial situation.
More from NerdWallet
Last updated on May 24, 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 Connecticut Housing Finance Authority Lenders of 2019
- Fairway: Best for online convenience
- Guaranteed Rate: Best for online convenience
- HomeBridge: Best for FHA loans
- loanDepot: Best for FHA loans
- Citibank Mortgage: Best for use of nontraditional credit information
- Flagstar: Best for use of nontraditional credit information
- PrimeLending: Best for use of nontraditional credit information
