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7 Best IHDA Mortgage Lenders of 2020

NerdWalletJanuary 2, 2020

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IHDA loan programs make homeownership more affordable for Illinois residents. See our top picks for IHDA participating lenders.

The Illinois Housing Development Authority, or IHDA, offers a variety of programs designed to help you buy a home.

To get an IHDA loan, and up to $10,000 in down payment and closing cost assistance, you’ll have to work with a participating lender. But with over 165 different participating lenders across the state of Illinois, which one should you choose?

NerdWallet can help you narrow it down. We looked at IHDA lenders, identifying the best ones for a variety of borrower needs. Start your search by comparing the lenders below.

Summary of Best IHDA Mortgage Lenders of 2020

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at Guaranteed Rate

Guaranteed Rate: NMLS#2611

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Min. Credit Score

620

Min. Down Payment

3%

at Guaranteed Rate


Why we like it

Good for borrowers seeking conventional or government-backed loans, and a totally online experience.

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.

Read Full Review
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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.

Read Full Review

Wintrust Mortgage: NMLS#449042

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Min. Credit Score

620

Min. Down Payment

3%


Why we like it

Good for: first-time home buyers and those seeking specialty mortgages like construction loans.

Pros

  • Online application and progress tracking are available.

  • Offers specialty loans, such as construction, renovation and reverse mortgages.

  • Participates in some first-time home buyer assistance programs.

Cons

  • Mortgage rates are available only by contacting a loan officer.

  • Physical locations aren't available in all states.

Read Full Review

US Bank: NMLS#402761

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Min. Credit Score

620

Min. Down Payment

3%


Why we like it

Good for: borrowers who prefer a traditional bank with a wide variety of loan products, including some specialty offerings, like 80-10-10 mortgages.

Pros

  • Offers a full line of conventional and government loan products.

  • Provides home equity loans and lines of credit.

  • Allows borrowers to apply and track their loan's progress online.

Cons

  • No personalized mortgage rates available online.

  • Published mortgage rates assume an above-average credit score.

Read Full Review

PNC: NMLS#446303

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Min. Credit Score

620

Min. Down Payment

3%


Why we like it

Good for borrowers with low-to-moderate incomes or limited down payments. PNC offers several low-down-payment loans, including one with no mortgage insurance.

Pros

  • Posts current mortgage rates on its website.

  • Has an online application for mortgage preapproval and a digital tool to track application progress.

  • Offers several affordable loan options including FHA, VA, USDA and the PNC Community Loan.

Cons

  • Can't complete a full mortgage application online.

  • Doesn't offer renovation mortgages.

  • In-person service is not available in every state.

Read Full Review
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at New American

New American Funding: NMLS#6606

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Min. Credit Score

700

Min. Down Payment

3%

National / Regional

National

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.

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.

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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.

Read Full Review

PNC: NMLS#446303

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Min. Credit Score

620

Min. Down Payment

3%


Why we like it

Good for borrowers with low-to-moderate incomes or limited down payments. PNC offers several low-down-payment loans, including one with no mortgage insurance.

Pros

  • Posts current mortgage rates on its website.

  • Has an online application for mortgage preapproval and a digital tool to track application progress.

  • Offers several affordable loan options including FHA, VA, USDA and the PNC Community Loan.

Cons

  • Can't complete a full mortgage application online.

  • Doesn't offer renovation mortgages.

  • In-person service is not available in every state.

Read Full Review

More participating IHDA mortgage lenders

NerdWallet hasn’t reviewed the financial institutions below, but the IHDA lists them among its top participating lenders.

  • Offers FHA, VA and USDA loans.

  • Full online application and ability to request a call back from a loan officer.

  • A number of Illinois branch offices.

  • Online application and loan progress tracking.

  • Offers certified VA loan originators.

  • Limited number of Illinois branch offices.

  • Offers FHA, VA and USDA loans.

  • Provides a money-back guarantee on all mortgage preapprovals.

  • Branch offices in Illinois are limited but it offers an online loan application.

  • Offers FHA, VA and USDA loans.

  • Lending options for those who are self-employed or have past bankruptcy.

  • About 10 Illinois branch offices, no online application.

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 IHDA Mortgage Lenders of 2020