9 Best FHA 203(k) Mortgage Lenders of 2019

Why we like it

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.

Why we like it

Pros

• Offers specialty loans, such as construction, renovation and reverse mortgages.

• Online application and progress tracking available.

• Condo lending specialists on staff.

• Participates in five first-time home buyer assistance programs.

Cons

• Mortgage rates are available only by contacting a loan officer.

• Physical locations not available in all states.

Why we like it

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.

Why we like it

Pros

• Participates in some state 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.

Why we like it

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.

Why we like it

Pros

• Offers conventional and government-backed refinance mortgages.

• Offers a “lifetime guarantee” on future refinances: no lender fees and reimbursal of appraisal cost.

• Advertises a "no steering" policy for refinance loans.

Cons

• Must provide personal information to get a customized refinance rate quote.

• Has fewer high-tech refinance tools than other lenders, such as no mobile app.

Why we like it

Pros

• Low rate of consumer complaints filed with the Consumer Financial Protection Bureau.

• Offers a "float-down" interest rate lock.

• Offers a proprietary closing-cost assistance program.

Cons

• No online mortgage rates.

• Charges an origination fee.

• Doesn't offer home equity products.

Why we like it

Pros

• Loan officers are well-versed in VA loan process.

• Low minimum credit score for government loans.

• Down payments as low as 3% on conventional loans.

• Considers alternative credit data, like cell phone payments.

Cons

• No online preapproval.

• Typically charges a $1,095 lender fee.

• Limited number of physical mortgage offices.

Why we like it

Pros

• Embraces FHA-backed home loans.

• Offers several types of construction and renovation mortgages.

• A professional loan package is tailored for the needs of doctors, lawyers, nurse practitioners, airline pilots 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 $1,295 in underwriting and processing fees.