Best of

Delaware State Housing Authority Lenders of 2020

NerdWalletJanuary 21, 2020

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The Delaware State Housing Authority, or DSHA, offers programs to make homeownership more affordable. Here are some of our picks for top DSHA mortgage lenders.

DSHA loans, paired with down payment and closing cost assistance, can reduce the upfront costs of buying a home.

To access these programs, you’ll need to work with a Delaware State Housing Authority participating lender. The DSHA maintains a list of participating lenders on its website, although it does not endorse lenders.

NerdWallet has reviewed some DSHA participating lenders and listed our top selections across several categories below. We’ve also included some participating lenders that aren’t rated by NerdWallet but are among the most active mortgage originators for the DSHA.

Summary of Delaware State Housing Authority Lenders of 2020

Caliber: NMLS#15622

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Min. Credit Score

620

Min. Down Payment

3%


Why we like it

Good for: first-time home buyers, veterans and those who may have credit challenges to overcome.

Pros

  • Offers extensive educational resources for military borrowers.

  • Provides digital tools for a streamlined application process.

  • Participates in some state down payment assistance and first-time homebuyer programs.

Cons

  • No mortgage rates displayed online.

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

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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.

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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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at New American

New American Funding: NMLS#6606

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Min. Credit Score

700

Min. Down Payment

3%

National / Regional

National

at New American


Why we like it

Ideal for borrowers who need to be evaluated on the basis of nontraditional credit. New American Funding offers FHA and VA loans, works with down payment assistance programs, and helps borrowers whose credit histories don't fit the mold of traditional banking.

Pros

  • Uses manual underwriting to evaluate creditworthiness.

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

  • Home equity lending sets it apart from most non-bank lenders.

Cons

  • Services not available in all 50 states.

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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 DSHA participating mortgage lenders

These participating lenders are among the highest-volume mortgage providers for the DSHA, but they haven’t been reviewed by NerdWallet.

  • Offers a variety of home purchase and refinance loans.

  • Allows borrowers to request a customized rate quote and apply online.

  • Has four offices in Delaware.

  • Offers loans with down payments as low as 3%, as well as renovation loans.

  • Doesn’t have an online application or rate information.

  • Has five branches in Delaware.

  • Allows borrowers to apply for a mortgage online.

  • Doesn't publish mortgage rates on its website.

  • Options include FHA and VA loans.

  • Offers a wide variety of mortgage types.

  • Lets borrowers start a mortgage application online.

  • Has two mortgage offices in Delaware.

  • Offers a variety of mortgages, including renovation and construction loans.

  • Borrowers can begin a preapproval application online.

  • Has one office in Delaware.

More from NerdWallet:

Last updated on January 21, 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 Delaware State Housing Authority Lenders of 2020