Best of
Best Delaware State Housing Authority Lenders of 2019
NerdWalletJuly 15, 2019
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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.
Min. Credit Score
620
Min. Down Payment
3%
Ideal for first-time home buyers, veterans and those who may have credit challenges to overcome.
Pros
- Participates in some down payment assistance programs.
- Offers educational resources for military borrowers.
- Provides digital tools for a streamlined application process.
Cons
- No mortgage rates displayed online.
- Must work with a loan officer for pre-qualification and preapproval.
National / Regional
National
Min. Down Payment
3%
Ideal for borrowers who want lots of options and a quick turn time. Fairway Independent Mortgage offers a full selection of home loans along with a comprehensive mobile app for a fast and easy application process.
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.
Min. Credit Score
620
Min. Down Payment
3%
Ideal for borrowers who are looking to apply for a mortgage and manage the process through online tools, whether buying or refinancing. Guaranteed Rate offers FHA, VA and USDA loans for borrowers who are well-qualified.
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.
at New American
at New American
Min. Credit Score
620
Min. Down Payment
3%
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 seeks 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.
Cons
- Services not available in all 50 states.
Min. Credit Score
620
Min. Down Payment
3%
Ideal for borrowers looking for help with closing costs: PrimeLending's proprietary program, NeighborhoodEdge, helps qualified low- to moderate-income borrowers with up to $2,000 in closing cost credits (certain restrictions are based on income and location).
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 rate quotes.
Summary of Best Delaware State Housing Authority Lenders of 2019
| Lender | Best For | Minimum Credit Score | Minimum Down Payment | Learn More |
|---|---|---|---|---|
 Caliber | veterans | 620 | 3% | Read review |
 Fairway | mobile convenience | N/A | 3% | Read review |
 Guaranteed Rate | mobile convenience | 620 | 3% | Read review |
New American Funding at New American | borrowers with low or limited credit | 620 | 3% | at New American |
 PrimeLending | borrowers with low or limited credit | 620 | 3% | Read review |
| Lender | Best For | Minimum Credit Score | Minimum Down Payment | Learn More |
|---|---|---|---|---|
Caliber | veterans | 620 | 3% | Read review |
Fairway | mobile convenience | N/A | 3% | Read review |
Guaranteed Rate | mobile convenience | 620 | 3% | Read review |
New American Funding at New American | borrowers with low or limited credit | 620 | 3% | at New American |
PrimeLending | borrowers with low or limited credit | 620 | 3% | Read review |
More DSHA participating mortgage lenders
These DSHA lenders are among the highest-volume mortgage providers in Delaware, but they haven’t yet been reviewed by NerdWallet.
Pike Creek Mortgage Services
- Offers a variety home purchase and refinance loans.
- Allows borrowers to request a customized rate quote and apply online.
- Has four offices in Delaware.
NVR Mortgage Finance
- Offers the gamut of purchase mortgage products.
- Allows borrowers to start their application online or in person.
- Has only one office in Delaware.
Meridian Bank
- Offers loans with down payments as low as 3%.
- Doesn’t have an online application or rate information.
- Has five branches in Delaware.
Residential Mortgage Services
- Offers a wide variety of mortgage types, including renovation loans.
- Lets borrowers get pre-qualified and apply online.
- Has seven offices in Delaware.
Prosperity Home Mortgage
- Offers a variety of mortgages with low down payment requirements.
- Provides an online pre-qualification and application option.
- Has four branches in Delaware.
More from NerdWallet:
Last updated on July 15, 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 Delaware State Housing Authority Lenders of 2019
- Caliber: Best for veterans
- Fairway: Best for mobile convenience
- Guaranteed Rate: Best for mobile convenience
- New American Funding: Best for borrowers with low or limited credit
- PrimeLending: Best for borrowers with low or limited credit
