Best of
Best IHDA Mortgage Lenders of 2019
NerdWalletJuly 2, 2019
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IHDA loan programs make homeownership more affordable for Illinois residents. See our top picks for IHDA participating lenders.
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.
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 and those seeking specialty mortgages such as construction or condo loans.
Pros
- Offers specialty loans, such as construction, renovation and reverse mortgages.
- Online application and progress tracking available.
- Condo lending specialists on staff.
- Participates in five first-time home buyer assistance programs.
Cons
- Mortgage rates are available only by contacting a loan officer.
- Physical locations not available in all states.
Min. Credit Score
620
Min. Down Payment
3%
Pros
- Full line of conventional and government loan products.
- Considers alternative credit data, like utility bills, in some cases.
- Offers construction and investment-property loans in some areas.
Cons
- No personalized rates available online.
- Not all loan products offered are listed on its website.
Min. Credit Score
620
Min. Down Payment
3%
Ideal for borrowers with low-to-moderate incomes or limited down payments. PNC offers a low-down-payment loan with no mortgage insurance.
Pros
- Considers nontraditional credit history like rent payments.
- Online tools help you estimate mortgage payments and track application progress.
- Several affordable loan options including FHA, VA, USDA and the PNC Community Loan.
Cons
- It's not possible to complete the entire mortgage process online.
- Offers mortgage loans nationwide, but has branches in only about two dozen states.
at New American
at New American
Min. Credit Score
620
Min. Down Payment
3%
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 seeks 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.
Cons
- Services not available in all 50 states.
at loanDepot
at loanDepot
Min. Credit Score
620
Min. Down Payment
3.5%
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.
- Has over 150 affiliated loan stores nationwide for customers who prefer face-to-face service.
- One of the nation’s most active lenders of FHA and VA loans.
Cons
- Published mortgage rates include up to three points of prepaid interest and fees.
- Does not offer home equity loans or lines of credit.
Min. Credit Score
620
Min. Down Payment
3%
Ideal for borrowers with low-to-moderate incomes or limited down payments. PNC offers a low-down-payment loan with no mortgage insurance.
Pros
- Considers nontraditional credit history like rent payments.
- Online tools help you estimate mortgage payments and track application progress.
- Several affordable loan options including FHA, VA, USDA and the PNC Community Loan.
Cons
- It's not possible to complete the entire mortgage process online.
- Offers mortgage loans nationwide, but has branches in only about two dozen states.
Summary of Best IHDA Mortgage Lenders of 2019
| Lender | Best For | Minimum Credit Score | Minimum Down Payment | Learn More |
|---|---|---|---|---|
 Guaranteed Rate | mobile experience | 620 | 3% | Read review |
 Fairway | mobile experience | N/A | 3% | Read review |
 Wintrust Mortgage | personal service | 620 | 3% | Read review |
 US Bank | personal service | 620 | 3% | Read review |
 PNC | borrowers with nontraditional credit histories + government loan programs | 620 | 3% | Read review |
New American Funding at New American | borrowers with nontraditional credit histories | 620 | 3% | at New American |
loanDepot at loanDepot | government loan programs | 620 | 3.5% | at loanDepot |
| Lender | Best For | Minimum Credit Score | Minimum Down Payment | Learn More |
|---|---|---|---|---|
Guaranteed Rate | mobile experience | 620 | 3% | Read review |
Fairway | mobile experience | N/A | 3% | Read review |
Wintrust Mortgage | personal service | 620 | 3% | Read review |
US Bank | personal service | 620 | 3% | Read review |
PNC | borrowers with nontraditional credit histories + government loan programs | 620 | 3% | Read review |
New American Funding at New American | borrowers with nontraditional credit histories | 620 | 3% | at New American |
loanDepot at loanDepot | government loan programs | 620 | 3.5% | at loanDepot |
More participating IHDA mortgage lenders
NerdWallet hasn’t reviewed the financial institutions below, but the IHDA lists them among its top participating lenders.
MIDLAND STATES BANK
- 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.
ENVOY MORTGAGE
- Online application and loan progress tracking.
- Offers certified VA loan originators.
- Limited number of Illinois branch offices.
BLACKHAWK BANK
- 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.
DIAMOND RESIDENTIAL MORTGAGE CORP.
- 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
Compare Chicago-area mortgage lenders
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 IHDA Mortgage Lenders of 2019
- Guaranteed Rate: Best for mobile experience
- Fairway: Best for mobile experience
- Wintrust Mortgage: Best for personal service
- US Bank: Best for personal service
- PNC: Best for borrowers with nontraditional credit histories + government loan programs
- New American Funding: Best for borrowers with nontraditional credit histories
- loanDepot: Best for government loan programs
