BEST OF
13 Best FHFC Mortgage Lenders of 2021
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.
Through its mortgage and assistance programs, the Florida Housing Finance Corporation, or FHFC, makes homeownership affordable for many first-time buyers.
You’ll need to work with an FHFC-approved lender to make sure you’re eligible and apply for a loan, but selecting a Florida mortgage provider from so many options can be hard.
To narrow your search, NerdWallet compared many of FHFC’s participating lenders, identifying the best ones for a variety of needs.
Through its mortgage and assistance programs, the Florida Housing Finance Corporation, or FHFC, makes homeownership affordable for many first-time buyers.
You’ll need to work with an FHFC-approved lender to make sure you’re eligible and apply for a loan, but selecting a Florida mortgage provider from so many options can be hard.
To narrow your search, NerdWallet compared many of FHFC’s participating lenders, identifying the best ones for a variety of needs.
Summary of Best FHFC Mortgage Lenders of 2021
| Lender | NerdWallet Rating | Minimum Credit Score | Minimum Down Payment | Learn More |
|---|---|---|---|---|
Best for borrowers with no credit history | 620 | 3% | Read review | |
Best for borrowers with no credit history | N/A | 3% | Read review | |
Best for online experience | 620 | 3% | at Guaranteed Rate | |
Best for online experience | 620 | 3% | Read review | |
Best for veterans | 640 | 0% | at Fairway Independent Mortgage | |
Best for veterans | 580 | 0% | Read review | |
Best for Latino borrowers | 620 | 3% | Read review | |
Best for Latino borrowers | 620 | 3% | Read review | |
Best for first-time home buyers | 620 | 3% | at New American Funding | |
Best for customer service | 620 | 5% | at loanDepot | |
Best for online convenience | 620 | 3% | Read review | |
Best for low-down-payment loans | 620 | 3% | at Northpointe | |
Best for fixer-uppers | 620 | 3% | Read review |
Min. Credit Score
620
Min. Down Payment
3%
Pros
- Offers a variety of low-down-payment mortgages as well as construction mortgages.
- Website lets users estimate rates online by loan and property type, amount and location.
- Has an online mortgage application.
Cons
- Branches limited to mostly the Southeast region.
- Does not offer FHA loans.
National / Regional
National
Min. Down Payment
3%
Pros
- Offers a wide variety of loan options, including low-down-payment mortgages and jumbo mortgages.
- Provides customizable mortgage rates on its website.
- Offers low rates and fees compared with other lenders.
Cons
- Charges a mortgage application fee.
- Requires help from a mortgage loan officer to complete the loan application online.
at Guaranteed Rate
at Guaranteed Rate
Min. Credit Score
620
Min. Down Payment
3%
Pros
- Offers the ability to securely upload and digitally sign loan documents.
- Displays detailed sample rates for many of its loan products.
Cons
- Doesn't offer home equity loans or lines of credit.
Min. Credit Score
620
Min. Down Payment
3%
Pros
- Offers multiple online conveniences, including a full mortgage application, e-signatures and digital loan process tracking.
- Offers a wide variety of loan products, including home improvement and manufactured home loans.
Cons
- Does not offer home equity loan products.
- Average interest rates and fees are higher than other lenders.
at Fairway Independent Mortgage
at Fairway Independent Mortgage
Min. Credit Score
640
Min. Down Payment
0%
Pros
- Offers a robust suite of loan products, including a variety of renovation loans.
- Has a digital application that can be completed in 10 minutes.
- Works with some state housing finance agencies to offer mortgages with down payment and closing cost assistance.
Cons
- Mortgage rates aren't posted online.
Min. Credit Score
580
Min. Down Payment
0%
Pros
- Offers extensive educational resources for military borrowers.
- Provides digital tools for a streamlined application process.
- Participates in some state down payment assistance and first-time home buyer programs.
Cons
- No mortgage rates displayed online.
- Doesn’t offer home equity loans or lines of credit.
Min. Credit Score
620
Min. Down Payment
3%
Pros
- Offers an ITIN qualification path for undocumented borrowers.
- Has a digital application process.
- Offers several mortgage options for low- to moderate-income borrowers.
- Borrowers can qualify with income from self-employment and other nontraditional sources.
Cons
- No mortgage rates published online.
- No home equity loans or lines of credit.
- Generally has higher rates and fees than other lenders.
- Branch offices not available in all states.
Min. Credit Score
620
Min. Down Payment
3%
Pros
- Offers a wide variety of loan options, including special programs for doctors, entrepreneurs and other professionals.
- Offers a complete suite of online mortgage application tools and loan tracking.
- Sample rates and fees are easy to find on the website.
Cons
- Customized rates aren't available online without starting an application.
- Branches are limited mostly to the Southeast.
at New American Funding
at New American Funding
Min. Credit Score
620
Min. Down Payment
3%
Pros
- Uses manual underwriting to evaluate creditworthiness.
- Offers full online mortgage application, rate quotes, document upload and loan tracking.
Cons
- Mortgage rates offered to borrowers are higher than the government-reported median of all lenders.
at loanDepot
at loanDepot
Min. Credit Score
620
Min. Down Payment
5%
Pros
- Offers digital income, asset and employment verification.
- Offers multiple renovation loan options.
- Has over 200 affiliated loan stores nationwide for customers who prefer face-to-face service.
Cons
- Mortgage rates aren't available online; you'll need to contact a loan officer.
- Does not offer home equity loans or lines of credit.
Min. Credit Score
620
Min. Down Payment
3%
Pros
- Offers a full array of mortgage products, including government and renovation loans.
- Has loans for most purposes, including purchase, refinance and jumbo mortgages.
- Online portal keeps borrowers up-to-date on the loan application's progress.
Cons
- Doesn't post interest rates on its site.
- Doesn’t offer home equity loans or lines of credit.
at Northpointe
at Northpointe
Min. Credit Score
620
Min. Down Payment
3%
Pros
- A full slate of loan offerings.
- Offers a no-down-payment loan with shorter repayment terms that helps accelerate home equity accumulation.
- Serves all 50 states plus the District of Columbia.
- A web app provides a number of customer conveniences.
Cons
- Doesn't offer construction loans at this time.
Min. Credit Score
620
Min. Down Payment
3%
Pros
- Full online application includes document uploads and automated loan updates.
- Offers a "float-down" interest rate lock.
- Offers a proprietary closing-cost assistance program.
Cons
- No online mortgage rates — you have to contact the lender for info.
- Doesn't offer home equity products.
Last updated on January 26, 2021
Methodology
NerdWallet's star ratings for mortgage lenders are awarded based on our evaluation of the products and services each lender offers to consumers who are actively shopping for the best mortgage. The five key areas we evaluated include the variety of loan types and products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available Home Mortgage Disclosure Act data. 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 2021
- BB&T (Truist): Best for borrowers with no credit history
- Citibank: Best for borrowers with no credit history
- Guaranteed Rate: Best for online experience
- Guild Mortgage: Best for online experience
- Fairway Independent Mortgage: Best for veterans
- Caliber: Best for veterans
- Alterra: Best for Latino borrowers
- SunTrust (Truist): Best for Latino borrowers
- New American Funding: Best for first-time home buyers
- loanDepot: Best for customer service
- HomeBridge: Best for online convenience
- Northpointe: Best for low-down-payment loans
- PrimeLending: Best for fixer-uppers
