Best of
Best FHFC Mortgage Lenders of 2019
NerdWalletJuly 2, 2019
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Florida Housing Finance Corporation loan programs can help you buy your first home by offering down payment and closing cost assistance. Check out our top picks for FHFC lenders.
Min. Credit Score
620
Min. Down Payment
3%
Ideal for borrowers in the Southeast who want face-to-face service at one of more than 2,000 financial centers.
Pros
- Considers alternative credit history on certain loans.
- Offers construction loans to build a home or make significant renovations to an existing home.
- Flexible borrowing and payment options for home equity loans and lines of credit.
- Full suite of online capabilities.
Cons
- Available mostly in the Southeast; not available nationwide.
- Creating an account is mandatory if you want to apply online.
National / Regional
National
Min. Down Payment
3%
Ideal for first-time home buyers or those with weaker credit. Citibank Mortgage, a large-scale lender with a full menu of home loan products, offers low down payment options and considers alternative credit data.
Pros
- Low down payment options.
- Discounts for Citibank customers.
- Looks at alternative credit data like rent history and child support payments.
- Available in all 50 states.
Cons
- Charges a mortgage application fee.
- Did not disclose origination fees, which may vary.
- Can't complete loan online.
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 meet robust guidelines.
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 which includes a $150 application fee.
- Offers many products, which might confuse or overwhelm borrowers.
- Several click-throughs required for personalized rates.
Min. Credit Score
620
Min. Down Payment
3%
Ideal for borrowers with a relatively high credit score who may need down payment assistance or help from a state housing agency.
Pros
- Works with loan programs offered by state and local housing agencies.
- Specializes in mortgages for first-time home buyers.
- Almost half of its loans are low-down-payment government mortgages.
- Considers alternative credit, such as history of payments on rent and utilities.
Cons
- With a concentration of offices in the West and South, Guild has little presence in the Northeast and Midwest.
- Jumbo borrowers may find that banks are more competitive when it comes to large-amount loans.
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 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.
Min. Credit Score
620
Min. Down Payment
3%
Ideal for Latino and other minority borrowers, millennials, foreign nationals, as well as those seeking a full array of purchase and refinance loans, including jumbo mortgages.
Pros
- Offers an ITIN qualification path for undocumented immigrant borrowers.
- Has a digital application process.
- Offers several mortgage options for low- to moderate-income borrowers.
- Has a full Spanish-language version of its website and bilingual loan officers.
- Borrowers can qualify with income from self-employment and other nontraditional sources.
Cons
- No mortgage rates published online.
- Doesn't lend in all states.
- No home equity loans or lines of credit.
Min. Credit Score
620
Min. Down Payment
3%
Ideal for first-time home buyers, including those with little money saved for a down payment. SunTrust's online portal offers information and tools in English and in Spanish.
Pros
- Offers a complete online suite of mortgage application tools and loan tracking.
- Has plenty of loan options to choose from and competitive interest rates.
- Provides customer service in its physical locations, online, via chat and by phone.
- Has a Doctor Loan Program for medical professionals who have high earning potential but little cash for down payments.
Cons
- Has a limited number of physical branch locations in 11 states and Washington, D.C.
- Does not consider alternative scoring data, such as rent or utility payments, in standard underwriting.
Min. Credit Score
620
Min. Down Payment
3%
Ideal for borrowers who prefer a traditional bank. Bank of America offers a wide array of mortgages and online account management tools. It also has first-time home buyer loans with low down payments and no mandatory mortgage insurance.
Pros
- Allows borrowers to apply entirely online.
- Offers down payment and closing cost assistance programs.
- Accepts alternative credit data for some loan types.
- May give existing customers a discount on mortgage lender origination fees.
Cons
- Charges an application fee of $1,170, on average.
- Has a high volume of consumer complaints, even for a big national bank.
Min. Credit Score
620
Min. Down Payment
3%
Ideal for borrowers who want to choose from a variety of home loan choices, including government-backed, conventional and jumbo mortgages.
Pros
- Offers government-backed loans with low down-payment options as well as conventional and jumbo loans.
- Has a low-down-payment program available for medical doctors and dentists.
- Provides loans directly to consumers and through mortgage brokers and banks.
Cons
- Not available in New York.
- Does not offer home equity loans or HELOCs.
- Does not have an online application or provide information about rates and fees.
Summary of Best FHFC Mortgage Lenders of 2019
| Lender | Best For | Minimum Credit Score | Minimum Down Payment | Learn More |
|---|---|---|---|---|
 BB&T | borrowers with no credit history | 620 | 3% | Read review |
 Citibank Mortgage | borrowers with no credit history | N/A | 3% | Read review |
 Guaranteed Rate | online experience | 620 | 3% | Read review |
 Guild Mortgage | online experience | 620 | 3% | Read review |
 Fairway | veterans | N/A | 3% | Read review |
 Caliber | veterans | 620 | 3% | Read review |
 Alterra | Latino borrowers | 620 | 3% | Read review |
 SunTrust | Latino borrowers | 620 | 3% | Read review |
 Bank of America | medical professionals | 620 | 3% | Read review |
 Stearns Lending | medical professionals | 620 | 3% | Read review |
| Lender | Best For | Minimum Credit Score | Minimum Down Payment | Learn More |
|---|---|---|---|---|
BB&T | borrowers with no credit history | 620 | 3% | Read review |
Citibank Mortgage | borrowers with no credit history | N/A | 3% | Read review |
Guaranteed Rate | online experience | 620 | 3% | Read review |
Guild Mortgage | online experience | 620 | 3% | Read review |
Fairway | veterans | N/A | 3% | Read review |
Caliber | veterans | 620 | 3% | Read review |
Alterra | Latino borrowers | 620 | 3% | Read review |
SunTrust | Latino borrowers | 620 | 3% | Read review |
Bank of America | medical professionals | 620 | 3% | Read review |
Stearns Lending | medical professionals | 620 | 3% | Read review |
Last updated on July 2, 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 FHFC Mortgage Lenders of 2019
- BB&T: Best for borrowers with no credit history
- Citibank Mortgage: Best for borrowers with no credit history
- Guaranteed Rate: Best for online experience
- Guild Mortgage: Best for online experience
- Fairway: Best for veterans
- Caliber: Best for veterans
- Alterra: Best for Latino borrowers
- SunTrust: Best for Latino borrowers
- Bank of America: Best for medical professionals
- Stearns Lending: Best for medical professionals
