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.

NerdWalletJanuary 28, 2021
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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

Fairway Independent Mortgage

at Fairway Independent Mortgage

4.0

NerdWallet rating 

at Fairway Independent Mortgage

Min. Credit Score

620

Min. Down Payment

3%

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
Guaranteed Rate

at Guaranteed Rate

5.0

NerdWallet rating 

at Guaranteed Rate

Min. Credit Score

620

Min. Down Payment

3%

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.
Read full review

HomeBridge: NMLS#6521

3.5

NerdWallet rating 
Min. Credit Score

550

Min. Down Payment

3.5%

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
loanDepot

at loanDepot

3.5

NerdWallet rating 

at loanDepot

Min. Credit Score

580

Min. Down Payment

3.5%

Good for: borrowers looking to refinance or who want to start the application process online.

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.
Read full review

Flagstar: NMLS#417490

5.0

NerdWallet rating 
Min. Credit Score

620

Min. Down Payment

3%

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

  • Home equity lending is geographically limited.
Read full review

PrimeLending: NMLS#13649

3.5

NerdWallet rating 
Min. Credit Score

620

Min. Down Payment

3%

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 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