Best of

Connecticut Housing Finance Authority Lenders of 2020

NerdWalletJanuary 13, 2020

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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.

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 2020

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at Fairway

Fairway Independent Mortgage: NMLS#2289

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Min. Credit Score

620

Min. Down Payment

3%

at Fairway


Why we like it

Good for borrowers who want access to a wide variety of mortgages and the convenience of a comprehensive mobile application process.

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.

Read Full Review
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at Guaranteed Rate

Guaranteed Rate: NMLS#2611

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Min. Credit Score

620

Min. Down Payment

3%

at Guaranteed Rate


Why we like it

Good for borrowers seeking conventional or government-backed loans, and a totally online experience.

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.

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HomeBridge: NMLS#6521

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Min. Credit Score

620

Min. Down Payment

3%


Why we like it

Good for borrowers who want a loan officer's help, in person or on the phone, when deciding among the wide range of available mortgage options — including loans to buy and renovate.

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.

Read Full Review
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at loanDepot

loanDepot: NMLS#174457

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Min. Credit Score

620

Min. Down Payment

5%

at loanDepot


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.

  • 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.

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Citibank: NMLS#412915

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National / Regional

National

Min. Down Payment

3%


Why we like it

Good for: Borrowers wanting to compare mortgage rates online for a variety of loan options.

Pros

  • Offers a wide variety of loan options, including low-down-payment mortgages and jumbo mortgages.

  • Provides customizable mortgage rates on its website.

  • Offers low rates and fees compared to other lenders.

Cons

  • Charges a mortgage application fee.

  • Requires help from a mortgage loan officer to complete the loan application online.

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Flagstar: NMLS#417490

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Min. Credit Score

620

Min. Down Payment

3%


Why we like it

Good for borrowers who want a wide range of choices — not only among mortgage products, but also in the channel they prefer, whether a branch, online or on the phone.

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

  • Doesn’t offer renovation loans at this time.

  • Home equity lending is geographically limited.

Read Full Review

PrimeLending: NMLS#13649

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Min. Credit Score

620

Min. Down Payment

3%


Why we like it

Good for: borrowers looking for closing cost assistance, as well as those seeking to renovate or to build a new home.

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.

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.

  • 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 13, 2020

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 2020