BEST OF

14 Best Conventional Mortgage Lenders of 2022

See NerdWallet's top picks for the best conventional mortgage lenders, many of which offer 97% mortgage financing.

Apr 4, 2022

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For home buyers with strong credit, solid income and at least a 3% down payment, a conventional mortgage may be the perfect fit. But which lender should you choose?

To help you shop, NerdWallet has picked some of the best conventional mortgage lenders in a variety of categories.

Best Conventional Mortgage Lenders

New American Funding
Learn more

at New American Funding

New American Funding: NMLS#6606

5.0

NerdWallet rating 
New American Funding

Min. credit score

620

Min. down payment

3%
Learn more

at New American Funding


Why we like it

Good for: borrowers who need to be evaluated on the basis of nontraditional credit and those interested in various down payment assistance programs.

Pros

  • Uses manual underwriting to evaluate creditworthiness, in some cases.

  • Offers full online mortgage application, rate quotes, document upload and loan tracking.

Cons

  • Mortgage origination fees tend to be on the high end, according to the latest federal data.

Read Full Review
NASB
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at NASB

NASB: NMLS#400039

5.0

NerdWallet rating 
NASB

Min. credit score

620

Min. down payment

3%
Learn more

at NASB


Why we like it

NASB couples competitive mortgage rates and reasonable fees with a good assortment of loan options.

Pros

  • Offers competitive rates and origination fees.

  • Considers nontraditional income sources, in some cases.

Cons

  • Does not offer home improvement mortgages.

  • Doesn't offer home equity loans and lines of credit.

Read Full Review
Ally Bank
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at Ally Bank

Ally Bank: NMLS#181005

4.5

NerdWallet rating 
Ally Bank

Min. credit score

620

Min. down payment

3%
Learn more

at Ally Bank


Why we like it

Good for: home buyers and mortgage refinancers, including jumbo borrowers, who want a digital experience with attentive customer service.

Pros

  • Excels in online convenience, with document upload, loan tracking and e-signatures.

  • Offers good rate transparency; rate shoppers can see customized interest rates.

Cons

  • Limited variety of loan products: FHA, VA and USDA loans are unavailable.

  • Doesn't offer home equity loans and lines of credit.

Read Full Review
NBKC
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at NBKC

NBKC: NMLS#409631

5.0

NerdWallet rating 
NBKC

Min. credit score

620

Min. down payment

3%
Learn more

at NBKC


Why we like it

Good for: borrowers with solid credit who want to pay low rates and get an online experience with phone support. VA loans are an emphasis.

Pros

  • Extends full online capabilities, from application to loan tracking.

  • Displays customized rates, with fee estimates, without requiring contact information.

Cons

  • Equity lines and construction loans are available only in the Kansas City metro area.

  • Doesn’t offer renovation loans.

Read Full Review
Bethpage Federal Credit Union
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at Bethpage Federal Credit Union

Bethpage Federal Credit Union: NMLS#449104

4.5

NerdWallet rating 
Bethpage Federal Credit Union

Min. credit score

620

Min. down payment

3%
Learn more

at Bethpage Federal Credit Union


Why we like it

Bethpage has a good selection of loan options but no USDA mortgages or renovation loans. And while it offers multiple online conveniences, you have to contact the lender for customized rates.

Pros

  • Offers a full array of online conveniences, including loan process updates.

  • Offers financing for cooperatives, a type of home that’s common on the East Coast.

  • Sample mortgage rates available for a variety of loan products.

Cons

  • In-person service available only on Long Island, New York.

  • USDA and renovation loans are not available.

  • Customized rates not available online.

Read Full Review
Reali Loans
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at Reali Loans

Reali Loans: NMLS#991397

4.5

NerdWallet rating 
Reali Loans

Min. credit score

620

Min. down payment

5%
Learn more

at Reali Loans


Why we like it

Good for: borrowers looking for an online mortgage application experience.

Pros

  • Offers a completely online application process.

  • Posts current interest rates for purchase and refinancing.

  • Provides customized rate quotes online.

Cons

  • Available in just 14 states.

  • Offers fewer loan types and products than other lenders.

Read Full Review
Better
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at Better

Better: NMLS#330511

5.0

NerdWallet rating 
Better

Min. credit score

620

Min. down payment

3%
Learn more

at Better


Why we like it

Good for: tech-savvy borrowers who prefer an online experience.

Pros

  • An online process with human help as needed.

  • Makes it easy to see customized mortgage rates.

  • Offers an "underwriter reviewed" preapproval letter in as little as 24 hours.

  • Appraisal guarantee promises the loan won’t change even if appraisal is lower than expected.

Cons

  • Doesn't offer home equity loans or HELOCs.

  • Doesn't do VA or USDA loans.

  • Appraisal guarantee is limited to borrowers who use Better real estate agents.

Read Full Review
Network Capital
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at Network Capital

Network Capital: NMLS#11712

5.0

NerdWallet rating 
Network Capital

Min. credit score

620

Min. down payment

3%
Learn more

at Network Capital


Why we like it

Good for: borrowers looking for a lender with online convenience and mortgage banker assistance.

Pros

  • A mobile app supports the loan process.

  • A good selection of loan products, including all government-backed mortgages.

  • Offers jumbo loans up to $30 million.

Cons

  • Doesn't lend in all states.

  • Website doesn’t provide customized mortgage rates.

Read Full Review

Flagstar: NMLS#417490

5.0

NerdWallet rating 
Flagstar

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.

  • Offers customized online rate quotes with monthly payment estimates, including mortgage insurance, when applicable.

Cons

  • Home equity loans are geographically limited.

Read Full Review

San Diego County Credit Union: NMLS#580585

5.0

NerdWallet rating 
San Diego County Credit Union

Min. down payment

5%

National / regional

Regional

Why we like it

Good for: Californians who are looking for a conventional or jumbo mortgage and who want to shop rates online.

Pros

  • Offers purchase, refinance, home equity and jumbo mortgages, plus loans for second homes.

  • Provides customized rate and fee quotes without requiring contact information.

Cons

  • No FHA, VA, USDA or home improvement mortgages.

  • Loans are available only in California.

Read Full Review

Golden 1 Credit Union: NMLS#669333

5.0

NerdWallet rating 
Golden 1 Credit Union

Min. credit score

620

Min. down payment

3%

Why we like it

Golden 1 offers a cost-saving real estate agent program, plus a range of loan types, including jumbos.

Pros

  • Offers a variety of purchase and refinance loans, including jumbo mortgages.

  • Has a preferred real estate agent program that can save a borrower some money on closing costs.

  • Offers some flexibility on guidelines for loan qualification.

Cons

  • Does not offer VA or USDA loans.

  • Products available only to California residents.

Read Full Review

LenderFI: NMLS#133056

5.0

NerdWallet rating 
LenderFI

Min. credit score

620

Min. down payment

3%

Why we like it

Good for: borrowers who want a completely online experience when buying or refinancing.

Pros

  • Has a full suite of online capabilities, including application, document uploading and process updates.

  • Site displays many combinations of loans and interest rates.

  • Rates and fees are lower than most lenders, according to the latest data.

Cons

  • Home equity loans and lines of credit, as well as purchase-renovation loans, aren't options.

  • VA loans are currently unavailable.

Read Full Review

Wells Fargo: NMLS#399801

4.5

NerdWallet rating 
Wells Fargo

Min. credit score

620

Min. down payment

3%

Why we like it

Wells Fargo has a solid selection of mortgage products and offers easy-to-shop rates.

Pros

  • Provides numerous online conveniences, including loan application and process updates.

  • Current rates clearly posted for various loan products.

  • Offers a wide variety of loan types and products.

Cons

  • Home equity loans and lines of credit suspended due to COVID-19 are still unavailable.

  • Scandals and government actions have damaged consumer trust in recent years.

  • No home improvement loans offered.

Read Full Review

Alliant: NMLS#197185

4.5

NerdWallet rating 
Alliant

National / regional

National

Min. down payment

3%

Why we like it

Good for: first-time home buyers who want to avoid mortgage insurance and prefer a digital application process.

Pros

  • Low- or no-down-payment options with no mortgage insurance.

  • Mortgages are available for non-warrantable condominiums.

Cons

  • Does not offer government-backed mortgages, like FHA and VA loans.

  • Does not offer renovation mortgages.

Read Full Review

Qualifying for a conventional mortgage

Conventional mortgages typically conform to loan limits set by the Federal Housing Finance Agency, and aren’t guaranteed or insured by the federal government.

Qualifying for a conventional loan is generally harder than qualifying for FHA and other government home loans. In addition to a solid income and money for a down payment, you'll need a strong credit history.

More from NerdWallet

Last updated on April 4, 2022

Methodology

The star ratings on this page reflect each lender's overall star ratings. Read more about how we determine those ratings.

The lenders on this page are chosen using this methodology:

NerdWallet reviewed nearly 60 mortgage lenders, including the majority of the largest U.S. mortgage lenders by annual loan volume (lenders had to have at least a 1% market share), lenders with significant online search volume and those that specialize in serving various audiences across the country.

For inclusion on this roundup, lenders must score a 4.5 or above according to our overall methodology and offer conventional mortgage and refinance loans.

NerdWallet solicits information from reviewed lenders on a recurring basis throughout the year. All lender-provided information is verified through lender websites and interviews. We also utilized 2020 HMDA data for origination volume, origination fee, rate spread and share-of-product data.

To recap our selections...

NerdWallet's Best Conventional Mortgage Lenders of 2022

Frequently asked questions