BEST OF
Connecticut Housing Finance Authority Lenders of 2021
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.
If you’re a first-time home buyer in Connecticut, you might be eligible for help through CHFA. The agency offers mortgages with reduced interest rates, along with down payment and closing cost assistance.
To take advantage of these special programs, you need to work with a participating lender. The CHFA maintains a list of participating lenders on its website, although it does not endorse lenders.
Below are several participating lenders that NerdWallet has reviewed and rated highly, followed by others that originate a high volume of CHFA loans.
If you’re a first-time home buyer in Connecticut, you might be eligible for help through CHFA. The agency offers mortgages with reduced interest rates, along with down payment and closing cost assistance.
To take advantage of these special programs, you need to work with a participating lender. The CHFA maintains a list of participating lenders on its website, although it does not endorse lenders.
Below are several participating lenders that NerdWallet has reviewed and rated highly, followed by others that originate a high volume of CHFA loans.
Summary of Connecticut Housing Finance Authority Lenders of 2021
| Lender | NerdWallet Rating | Minimum Credit Score | Minimum Down Payment | Learn More |
|---|---|---|---|---|
Best for online convenience | 620 | 3% | at Fairway Independent Mortgage | |
Best for online convenience | 620 | 3% | at Guaranteed Rate | |
Best for FHA loans | 550 | 3.5% | Read review | |
Best for FHA loans | 580 | 3.5% | at loanDepot | |
Best for use of nontraditional credit information | 620 | 3% | Read review | |
Best for use of nontraditional credit information | 620 | 3% | Read review |
at Fairway Independent Mortgage
at Fairway Independent Mortgage
Min. Credit Score
620
Min. Down Payment
3%
Pros
- Offers a robust suite of loan products, including a variety of renovation loans.
- Has a digital application that can be completed in 10 minutes.
- Works with some state housing finance agencies to offer mortgages with down payment and closing cost assistance.
Cons
- Mortgage rates aren't posted online.
at Guaranteed Rate
at Guaranteed Rate
Min. Credit Score
620
Min. Down Payment
3%
Pros
- Offers the ability to securely upload and digitally sign loan documents.
- Displays detailed sample rates for many of its loan products.
Cons
- Doesn't offer home equity loans or lines of credit.
Min. Credit Score
550
Min. Down Payment
3.5%
Pros
- Offers a full array of mortgage products, including government and renovation loans.
- Has loans for most purposes, including purchase, refinance and jumbo mortgages.
- Online portal keeps borrowers up-to-date on the loan application's progress.
Cons
- Doesn't post interest rates on its site.
- Doesn’t offer home equity loans or lines of credit.
at loanDepot
at loanDepot
Min. Credit Score
580
Min. Down Payment
3.5%
Pros
- Offers digital income, asset and employment verification.
- Offers multiple renovation loan options.
- Has over 200 affiliated loan stores nationwide for customers who prefer face-to-face service.
Cons
- Mortgage rates aren't available online; you'll need to contact a loan officer.
- Does not offer home equity loans or lines of credit.
Min. Credit Score
620
Min. Down Payment
3%
Pros
- Offers a wide range of loan types and products, including FHA, VA and USDA.
- Has a full suite of online conveniences.
- Does well with rate transparency, and monthly payment estimates add mortgage insurance, when applicable.
Cons
- Home equity lending is geographically limited.
Min. Credit Score
620
Min. Down Payment
3%
Pros
- Full online application includes document uploads and automated loan updates.
- Offers a "float-down" interest rate lock.
- Offers a proprietary closing-cost assistance program.
Cons
- No online mortgage rates — you have to contact the lender for info.
- Doesn't offer home equity products.
More CHFA participating mortgage lenders
These participating lenders have not been reviewed by NerdWallet. They were among the top producing CHFA lenders by volume, according to CHFA's 2019 lender loan activity report.
Offers an online homebuyer course on its website.
Has locations in Avon, Glastonbury, Orange, Southington, Watertown, West Hartford and Windsor, Connecticut.
Lists loan officers on its website with bios and contact information.
Provides an online form to request a mortgage rate quote.
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.
Publishes current mortgage rates for a variety of loan types.
Provides an online search tool to find a mortgage banker.
Has an online chat feature.
Allows you to send mortgage documents electronically.
Offers an online loan officer directory.
Has branch locations in Danbury, New Britain and New London, Connecticut.
Offers a broad selection of purchase and refinance mortgages, including renovation loans.
Lets you start your application online.
More from NerdWallet
Last updated on January 28, 2021
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 rate spread 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.
To recap our selections...
NerdWallet's Connecticut Housing Finance Authority Lenders of 2021
- Fairway Independent Mortgage: Best for online convenience
- Guaranteed Rate: Best for online convenience
- HomeBridge: Best for FHA loans
- loanDepot: Best for FHA loans
- Flagstar: Best for use of nontraditional credit information
- PrimeLending: Best for use of nontraditional credit information
