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9 Best FHA 203(k) Mortgage Lenders of 2019

NerdWalletAugust 15, 2019

At NerdWallet, we strive to help you make financial decisions with confidence. To do this, many or all of the products featured here are from our partners. However, this doesn’t influence our evaluations. Our opinions are our own.

Buying a fixer-upper or remodeling your current home? NerdWallet has selected some top FHA 203(k) lenders to make your loan search easier.

Summary of Best FHA 203(k) Mortgage Lenders of 2019

LenderBest For

Minimum Credit Score

Minimum Down PaymentLearn More
New American Funding

New American Funding

at New American

first-time home buyers

620

3%

at New American

Wintrust Mortgage

Wintrust Mortgage

first-time home buyers

620

3%

Read review
Fairway

Fairway

digital convenience

N/A

3%

Read review
Caliber

Caliber

borrowers with a low credit score

620

3%

Read review
HomeBridge

HomeBridge

borrowers with a low credit score

620

3%

Read review
loanDepot

loanDepot

at LoanDepot

203(k) refinancing

620

3.5%

at LoanDepot

PrimeLending

PrimeLending

203(k) refinancing

620

3%

Read review
BNC National Bank

BNC National Bank

at BNC National Bank

borrowers with limited credit history

620

3%

at BNC National Bank

Flagstar

Flagstar

borrowers with limited credit history

620

3%

Read review
LenderBest For

Minimum Credit Score

Minimum Down PaymentLearn More
New American Funding

New American Funding

at New American

first-time home buyers

620

3%

at New American

Wintrust Mortgage

Wintrust Mortgage

first-time home buyers

620

3%

Read review
Fairway

Fairway

digital convenience

N/A

3%

Read review
Caliber

Caliber

borrowers with a low credit score

620

3%

Read review
HomeBridge

HomeBridge

borrowers with a low credit score

620

3%

Read review
loanDepot

loanDepot

at LoanDepot

203(k) refinancing

620

3.5%

at LoanDepot

PrimeLending

PrimeLending

203(k) refinancing

620

3%

Read review
BNC National Bank

BNC National Bank

at BNC National Bank

borrowers with limited credit history

620

3%

at BNC National Bank

Flagstar

Flagstar

borrowers with limited credit history

620

3%

Read review
Logo

at New American

New American Funding

Logo
Min. Credit Score 
620 

Min. Down Payment 
3% 

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.

Rating and Review

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.

Read Full Review

Wintrust Mortgage

Logo
Min. Credit Score 
620 

Min. Down Payment 
3% 


Why we like it

Ideal for first-time home buyers and those seeking specialty mortgages such as construction or condo loans.

Rating and Review

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.

Read Full Review

Fairway

Logo
National / Regional 
National 

Min. Down Payment 
3% 


Why we like it

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.

Rating and Review

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.

Read Full Review

Caliber

Logo
Min. Credit Score 
620 

Min. Down Payment 
3% 


Why we like it

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

Rating and Review

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.

Read Full Review

HomeBridge

Logo
Min. Credit Score 
620 

Min. Down Payment 
3% 


Why we like it

Ideal for borrowers who prefer an online experience. Homebridge offers a variety of home loan options and an online application.

Rating and Review

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.

Read Full Review
Logo

at LoanDepot

loanDepot

Logo
Min. Credit Score 
620 

National / Regional 
National 

at LoanDepot


Why we like it

Ideal for anyone who wants online convenience with face-to-face options. Loan Depot has affiliated locations nationwide and is well-rated for low customer complaint volume.

Rating and Review

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.

Read Full Review

PrimeLending

Logo
Min. Credit Score 
620 

Min. Down Payment 
3% 


Why we like it

Ideal for borrowers with past credit issues and those looking for down payment and closing cost assistance programs.

Rating and Review

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.

Read Full Review
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at BNC National Bank

BNC National Bank

Logo
Min. Credit Score 
620 

Min. Down Payment 
3% 

at BNC National Bank


Why we like it

Ideal for military members and others who want low-down-payment loan options.

Rating and Review

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.

Read Full Review

Flagstar

Logo
Min. Credit Score 
620 

Min. Down Payment 
3% 


Why we like it

Ideal for those who appreciate the full-service experience of a leading regional bank. Flagstar offers a full menu of fixed and adjustable home loans and mortgage refinancing, as well as jumbo loans and home equity financing.

Rating and Review

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.

Read Full Review

Last updated on August 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 FHA 203(k) Mortgage Lenders of 2019