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8 Best Idaho Housing and Finance Association Lenders of 2020

NerdWalletJanuary 2, 2020

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The Idaho Housing and Finance Association offers competitive interest rates for purchase and refinance mortgages, along with down payment and closing cost assistance grants. Here are some lenders that can help you apply.

Loan programs and grants offered by the Idaho Housing and Finance Association can make buying a home more affordable for both repeat and first-time home buyers.

The first step to apply is choosing a lender approved by Idaho Housing and Finance.

NerdWallet has reviewed several of IHFA’s approved lenders and assembled some top picks. We also listed some local IHFA lenders we haven’t reviewed but who do a lot of business in Idaho.

» MORE: Explore Idaho Housing loan programs and eligibility requirements

Summary of Best Idaho Housing and Finance Association Lenders of 2020

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Flagstar: NMLS#417490

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Min. Credit Score

620

Min. Down Payment

3%

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Why we like it

Good for borrowers who want a wide range of choices — not only among mortgage products, but also in the channel they prefer, whether a branch, online or on the phone.

Pros

  • Offers a wide range of loan types and products, including FHA, VA and USDA.

  • Has a full suite of online conveniences.

  • Does well with rate transparency, and monthly payment estimates add mortgage insurance, when applicable.

Cons

  • Doesn’t offer renovation loans at this time.

  • Home equity lending is geographically limited.

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Guild Mortgage: NMLS#3274

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Min. Credit Score

620

Min. Down Payment

3%

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Why we like it

Good for: first-time home buyers and others who may need the flexibility of a low-down-payment loan program.

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.

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at Fairway

Fairway Independent Mortgage: NMLS#2289

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Min. Credit Score

620

Min. Down Payment

3%

at Fairway

Why we like it

Good for borrowers who want access to a wide variety of mortgages and the convenience of a comprehensive mobile application process.

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.

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Wells Fargo: NMLS#399801

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Min. Credit Score

620

Min. Down Payment

3%

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Why we like it

Good for: borrowers looking for a national lender with a wide selection of mortgage products for home buyers in all financial stages.

Pros

  • Provides numerous online conveniences, including loan application and process updates.

  • Current rates clearly posted for various loan products.

  • Offers a wide variety of loan types and products.

Cons

  • New applications for home equity lines of credit suspended during COVID-19 crisis.

  • Government actions and scandals have damaged consumer trust in recent years.

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PrimeLending: NMLS#13649

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Min. Credit Score

620

Min. Down Payment

3%

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Why we like it

Good 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 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.

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Caliber: NMLS#15622

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Min. Credit Score

620

Min. Down Payment

3%

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Why we like it

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

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 homebuyer programs.

Cons

  • No mortgage rates displayed online.

  • Doesn't offer home equity loans or lines of credit.

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at loanDepot

loanDepot: NMLS#174457

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Min. Credit Score

620

Min. Down Payment

5%

at loanDepot

Why we like it

Ideal for borrowers looking to get a mortgage with help from a loan officer. Digital back-office operations are said to add efficiency to the loan process.

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.

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HomeBridge: NMLS#6521

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Min. Credit Score

620

Min. Down Payment

3%

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Why we like it

Good for borrowers who want a loan officer's help, in person or on the phone, when deciding among the wide range of available mortgage options — including loans to buy and renovate.

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.

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More Idaho Housing and Finance lenders

These IHFA lenders do a high volume of lending in Idaho, but they haven't been reviewed by NerdWallet.

Idaho Central Credit Union

  • Publishes sample mortgage rates online.

  • Has over two dozen branches in Treasure Valley, Magic Valley, Eastern Idaho and North Idaho.

  • Says most loans close within 30 days.

  • Website has live chat.

Academy Mortgage

  • Publishes sample mortgage rates online.

  • Has 11 Idaho branches.

  • Offers a full menu of mortgages.

  • Features home buyer education materials on its website.

Glacier Bank (doing business as Citizens Community Bank and Mountain West Bank)

  • Has Citizens Community Bank locations in Ammon, Chubbuck, Idaho Falls, Pocatello and Rexburg.

  • Has Mountain West Bank locations in Coeur d’Alene, Hayden and Post Falls.

  • Website lets you choose a loan officer and start an application online.

  • Doesn't publish mortgage rates online.

D.L. Evans Bank

  • Has more than two dozen branches across the state.

  • Publishes current sample rates for a variety of mortgages on its website.

  • Offers online custom rate quotes, based on credit score, down payment and other factors.

  • Website lets you start a mortgage application online.

More from NerdWallet

Last updated on January 2, 2020

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 Idaho Housing and Finance Association Lenders of 2020