Best of

Best Connecticut Housing Finance Authority Lenders of 2019

NerdWalletMay 24, 2019

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.

National / Regional

National

Min. Down Payment

3%

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
Min. Credit Score

620

Min. Down Payment

3%

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
Min. Credit Score

550

Min. Down Payment

3%

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

at loanDepot

at loanDepot

Min. Credit Score

620

Min. Down Payment

3.5%

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
National / Regional

National

Min. Down Payment

3%

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
Min. Credit Score

620

Min. Down Payment

3%

Pros

  • Embraces FHA-backed home loans.
  • Offers three construction loan offerings.
  • 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.
Read full review
Min. Credit Score

620

Min. Down Payment

3%

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 rates quotes.
Read full review

Summary of Best Connecticut Housing Finance Authority Lenders of 2019

LenderBest ForNational/RegionalMinimum Down PaymentLearn More
Fairway

Fairway

online convenience

National

3%

Read review
Guaranteed Rate

Guaranteed Rate

online convenience

National

3%

Read review
HomeBridge

HomeBridge

FHA loans

National

3%

Read review
loanDepot

loanDepot

at loanDepot

FHA loans

National

3.5%

at loanDepot

CitiMortgage

CitiMortgage

use of nontraditional credit information

National

3%

Read review
Flagstar

Flagstar

use of nontraditional credit information

National

3%

Read review
PrimeLending

PrimeLending

use of nontraditional credit information

National

3%

Read review
LenderBest ForNational/RegionalMinimum Down PaymentLearn More
Fairway

Fairway

online convenience

National

3%

Read review
Guaranteed Rate

Guaranteed Rate

online convenience

National

3%

Read review
HomeBridge

HomeBridge

FHA loans

National

3%

Read review
loanDepot

loanDepot

at loanDepot

FHA loans

National

3.5%

at loanDepot

CitiMortgage

CitiMortgage

use of nontraditional credit information

National

3%

Read review
Flagstar

Flagstar

use of nontraditional credit information

National

3%

Read review
PrimeLending

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