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11 Best FHA 203(k) Mortgage Lenders of March 2024

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

Barbara Marquand
By
Last updated on March 1, 2024
Edited by
✅ Fact checked and reviewed
Jeanette Margle
Edited by
✅ Fact checked and reviewed

Some or all of the mortgage lenders featured on our site are advertising partners of NerdWallet, but this does not influence our evaluations, lender star ratings or the order in which lenders are listed on the page. Our opinions are our own. Here is a list of our partners.

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NerdWallet's mortgage content, including articles, reviews and recommendations, is produced by a team of writers and editors who specialize in home lending. Their work has appeared in The Associated Press, USA Today, The Washington Post, MarketWatch, Newsweek and many other national, regional and local publications. They have been cited in publications including The Wall Street Journal, and appeared on NerdWallet's "Smart Money" podcast as well as local TV and radio.

Best FHA 203(k) Mortgage Lenders

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Lender
NerdWallet Rating
Min. credit score
Min. down payment
Learn more
Guaranteed Rate

Guaranteed Rate: NMLS#2611

Top 3 most visited 🏆
Learn more
at Guaranteed Rate
at Guaranteed Rate
FHA loans
Best for first-time home buyers

580

3.5%

New American Funding

New American Funding: NMLS#6606

4.5
/5
FHA loans
Best for nontraditional credit

500

3.5%

Network Capital

Network Capital: NMLS#11712

4.5
/5
FHA loans
Best for variety of loan types

560

3.5%

Wintrust Mortgage

Wintrust Mortgage: NMLS#449042

LEARN MORE
on NerdWallet
4.5
/5
FHA loans
Best for rate transparency

N/A

3.5%

LEARN MORE
on NerdWallet
Flagstar

Flagstar: NMLS#417490

LEARN MORE
on NerdWallet
4.5
/5
FHA loans
Best for overall mortgage lending

580

3.5%

LEARN MORE
on NerdWallet
Guaranteed Rate
Learn more
at Guaranteed Rate
at Guaranteed Rate
Guaranteed Rate

Guaranteed Rate: NMLS#2611

5.0
FHA loans
NerdWallet rating
Min. credit score

580

Min. down payment

3.5%

Why We Like ItGood for: borrowers seeking a solid variety of FHA loan types, including FHA renovation loans.
Pros
  • Displays detailed sample rates for many of its loan products.
  • Receives high marks for customer satisfaction, according to J.D. Power and Zillow.
  • Offers a variety of FHA loans, including renovation mortgages.
  • Was among the top 10 lenders by loan volume for FHA mortgages in 2022, according to the latest federal data.
Cons
  • Lender's "Same Day Mortgage" offer not available for FHA loans.
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New American Funding
Learn more
at New American Funding
at New American Funding
New American Funding

New American Funding: NMLS#6606

4.5
Min. credit score

500

Min. down payment

3.5%

Why We Like ItGood for: First-time home buyers and other borrowers looking for a broad array of loan choices.
Pros
  • Offers a wide variety of purchase and refinance mortgages with an emphasis on helping underserved communities.
  • Receives high marks for customer satisfaction, according to J.D. Power and Zillow.
  • Dedicates a significant portion of its business to FHA lending.
Cons
  • FHA mortgage origination fees and interest rates tend to be on the high end, according to the latest federal data.
Network Capital

Network Capital: NMLS#11712

4.5
Min. credit score

560

Min. down payment

3.5%

Why We Like ItGood for: borrowers looking for a lender offering a wide array of FHA loans with online convenience.
Pros
  • Offers a broad selection of FHA loans.
  • Provides “same-as-cash” application process designed to help borrowers compete with cash offers.
  • Publishes current sample rates on its website for a variety of mortgages, including FHA loans.
Cons
  • Website doesn’t provide customized mortgage rates.
  • Lender origination fees for FHA loans are on the high side, according to the latest federal data.
Wintrust Mortgage
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on NerdWallet
Wintrust Mortgage

Wintrust Mortgage: NMLS#449042

4.5
Min. credit score

N/A

Min. down payment

3.5%

Why We Like ItGood for: Borrowers wanting to compare a variety of loan products, including FHA renovation loans, and use online tools to apply for a mortgage and track progress.
Pros
  • Offers a broad assortment of mortgages, including FHA renovation loans.
  • Participates in first-time home buyer assistance programs in Illinois and Wisconsin.
  • Offers online conveniences to apply for a mortgage and track progress.
Cons
  • Sample rates for some loan products are available only by contacting a loan officer.
  • No online chat function available on website.
Flagstar
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on NerdWallet
Flagstar

Flagstar: NMLS#417490

4.5
Min. credit score

580

Min. down payment

3.5%

Why We Like ItGood for: borrowers who want a wide range of choices, including FHA renovation loans and refinance mortgages, and view customized rates online.
Pros
  • Offers a wide range of loan types and products, including FHA renovation loans and FHA streamline and cash-out refinance mortgages.
  • Borrowers can apply and track loan status online.
  • Offers customized online rate quotes with monthly payment estimates.
Cons
  • Does not offer FHA energy efficient mortgages.
Guild Mortgage
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on NerdWallet
Guild Mortgage

Guild Mortgage: NMLS#3274

4.0
Min. credit score

540

Min. down payment

3.5%

Why We Like ItGood for: borrowers seeking a lender that dedicates a significant portion of its business to FHA lending.
Pros
  • Was one of the top 10 lenders by volume for FHA lending in 2022, according to the latest federal data.
  • Has retail branches in most states.
  • Receives high marks for customer satisfaction, according to J.D. Power and Zillow.
Cons
  • Origination fees for FHA loans tend to be on the high end, according to the latest federal data.
loanDepot
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on NerdWallet
loanDepot

loanDepot: NMLS#174457

4.5
Min. credit score

500

Min. down payment

3.5%

Why We Like ItGood for: borrowers who want a lender with deep experience in FHA lending.
Pros
  • Was among the top five lenders by volume for FHA lending in 2022, according to the latest federal data.
  • Online loan calculator lets borrowers compare monthly payments and lifetime interest.
  • Receives high marks for customer satisfaction, according to J.D. Power and Zillow.
Cons
  • Mortgage rates aren't available online; you'll need to contact a loan officer.
  • Origination fees for FHA loans tend to be on the high end, according to the latest federal data.
Movement Mortgage
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on NerdWallet
Movement Mortgage

Movement Mortgage: NMLS#39179

4.5
Min. credit score

580

Min. down payment

3.5%

Why We Like ItGood for: borrowers seeking a lender that dedicates a large portion of its business to FHA lending.
Pros
  • Was one of the top 10 lenders by volume for FHA lending in 2022, according to the latest federal data.
  • Loans can be processed in as little as seven days, the lender says.
  • Movement Boost program can help FHA borrowers with down payment and closing costs.
Cons
  • Sample mortgage rates are not available online.
Fairway Independent Mortgage
Learn more
at Fairway Independent Mortgage
at Fairway Independent Mortgage
Fairway Independent Mortgage

Fairway Independent Mortgage: NMLS#2289

4.0
Min. credit score

580

Min. down payment

3.5%

Why We Like ItGood for: borrowers who want access to a wide variety of mortgages, including renovation loans and ITIN loans.
Pros
  • Offers a robust suite of loan products, including ITIN loans for borrowers without Social Security numbers, renovation loans, government-backed mortgages and loans for self-employed borrowers.
  • Receives high marks for customer satisfaction, according to J.D. Power and Zillow.
Cons
  • Mortgage rates for different types of loans aren't posted online.
  • Origination fees are on the high side compared with other lenders, according to the latest federal data.
CrossCountry Mortgage
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on NerdWallet
CrossCountry Mortgage

CrossCountry Mortgage: NMLS#3029

4.0
Min. credit score

N/A

Min. down payment

3.5%

Why We Like ItGood for: borrowers who want a variety of home loan options, including a home equity line of credit and government-backed renovation loan.
Pros
  • Offers a wide variety of mortgage loan types and products.
  • Receives high marks for customer satisfaction, according to J.D. Power and Zillow.
Cons
  • Doesn't display information online about rates and fees.
  • Mortgage origination fees are on the high side, according to the latest federal data.
PrimeLending
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on NerdWallet
PrimeLending

PrimeLending: NMLS#13649

4.0
Min. credit score

580

Min. down payment

3.5%

Why We Like ItGood 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 government-backed mortgage and refinance options, including FHA, USDA and VA loans.
Cons
  • No online mortgage rates — you have to contact the lender for info.

More from NerdWallet

Last updated on March 1, 2024

Methodology

The star ratings on this page reflect each lender's rating for FHA products. Read more about how we determine those ratings.

The lenders on this page are chosen using this methodology:

NerdWallet reviewed more than 50 mortgage lenders, including the majority of the largest U.S. mortgage lenders by annual loan volume (measured among lenders with at least a 1% market share), lenders with significant online search volume and those that specialize in serving various audiences across the country. We rated them on criteria including rate transparency, loan types offered, ease of application and more.

Some of the providers are NerdWallet partners, but this did not influence our selections.

For inclusion on this roundup, lenders must score a 4 or above according to our FHA loan methodology and offer 203(k) 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 2022 HMDA data for origination volume, origination fee, average interest rate and share-of-product data.

To recap our selections...

NerdWallet's Best FHA 203(k) Mortgage Lenders of March 2024

  • Guaranteed Rate: Best for first-time home buyers
  • New American Funding: Best for nontraditional credit
  • Network Capital: Best for variety of loan types
  • Wintrust Mortgage: Best for rate transparency
  • Flagstar: Best for overall mortgage lending
  • Guild Mortgage: Best for customer satisfaction
  • loanDepot: Best for variety of loan types
  • Movement Mortgage: Best for borrower assistance
  • Fairway Independent Mortgage: Best for FHA loan specialization
  • CrossCountry Mortgage: Best for variety of loan types
  • PrimeLending: Best for construction and renovation loans

Frequently asked questions

  • In addition to the lenders we've highlighted above, you can also use the Department of Housing and Urban Development's FHA lender search page to find FHA 203(k) loan lenders. It's a helpful tool, because while FHA 203(k) rehab loans are widely available, not every FHA-approved lender offers the 203(k).

    To use the HUD search tool, enter your search parameters — your state is probably the most important, since lenders are licensed by individual states — and click the "Rehabilitation" box at the bottom of the list, where it says "203(k) Rehabilitation Mortgage Insurance Program." If you're trying to get the scoop on a specific lender, you can just enter the company name at the top of the form, then click the "Rehabilitation" box at the bottom.

  • FHA 203(k) loans have the same down payment requirements as standard FHA loans. If your credit score is 580 or above, the FHA allows a down payment as low as 3.5%. For credit scores between 500 and 579, the required FHA down payment is 10%.

    Although the FHA has low credit score requirements, individual lenders may choose to set higher minimums. If your credit score falls below 620 or so, you may need to do more hunting to find a lender that will approve your 203(k).

    All FHA loans, including the 203(k), allow you to use gift money or other forms of down payment assistance.

  • To qualify for an FHA 203(k) loan, you'll have to meet the same FHA requirements you would for a standard loan. These include the credit score and down payment minimums, as well as having a debt-to-income ratio of no more than 43%. In some cases a slightly higher DTI may be allowed.

    The property you're buying or refinancing must be your primary residence. Though the home does not have to be up to the FHA's housing standards — after all, you're fixing it up — the property should be able to pass an FHA appraisal after the repairs are completed.

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