Best of

Connecticut Housing Finance Authority Lenders of 2020

NerdWalletJanuary 13, 2020

At NerdWallet, we strive to help you make financial decisions with confidence. To do this, many or all of the products featured here are from our partners. However, this doesn’t influence our evaluations. Our opinions are our own.

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.

Summary of Connecticut Housing Finance Authority Lenders of 2020

LenderBest For

Minimum Credit Score

Minimum Down PaymentLearn More
Fairway Independent Mortgage

Fairway Independent Mortgage

at Fairway

online convenience

620

3%

at Fairway

Guaranteed Rate

Guaranteed Rate

online convenience

620

3%

Read review
HomeBridge

HomeBridge

FHA loans

620

3%

Read review
loanDepot

loanDepot

FHA loans

620

3.5%

Read review
Citibank

Citibank

use of nontraditional credit information

N/A

3%

Read review
Flagstar

Flagstar

use of nontraditional credit information

620

3%

Read review
PrimeLending

PrimeLending

use of nontraditional credit information

620

3%

Read review
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at Fairway

Fairway Independent Mortgage: NMLS#2289

Logo

Min. Credit Score

620

Min. Down Payment

3%

at Fairway


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

Guaranteed Rate: NMLS#2611

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Min. Credit Score

620

Min. Down Payment

3%


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.

Read Full Review

HomeBridge: NMLS#6521

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Min. Credit Score

620

Min. Down Payment

3%


Why we like it

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.

Read Full Review

loanDepot: NMLS#174457

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Min. Credit Score

620

Min. Down Payment

3.5%


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.

Read Full Review

Citibank: NMLS#412915

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National / Regional

National

Min. Down Payment

3%


Why we like it

Ideal for first-time home buyers or those with weaker credit. Citibank, a large-scale mortgage 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.

Read Full Review

Flagstar: NMLS#417490

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Min. Credit Score

620

Min. Down Payment

3%


Why we like it

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 several types of construction and renovation mortgages.

  • A professional loan package is tailored for the needs of doctors, lawyers, nurse practitioners, airline pilots 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 $1,295 in underwriting and processing fees.

Read Full Review

PrimeLending: NMLS#13649

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Min. Credit Score

620

Min. Down Payment

3%


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.

Read Full Review

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.

First World Mortgage Corporation

  • 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.

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.

William Raveis Mortgage

  • 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.

Homestead Funding Corp.

  • 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 13, 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 Connecticut Housing Finance Authority Lenders of 2020