BEST OF

7 Best IHDA Mortgage Lenders of 2020

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

Jan 2, 2020

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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.

» MORE: Explore IHDA loans, grants, mortgage rates and income limits

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.

» MORE: Explore IHDA loans, grants, mortgage rates and income limits

Best IHDA Mortgage Lenders

Lender

NerdWallet rating

Min. credit score

Min. down payment

Learn more

Guaranteed Rate

Guaranteed Rate: NMLS#2611

at Guaranteed Rate

4.5

Best for mobile experience

620

3%

at Guaranteed Rate

New American Funding

New American Funding: NMLS#6606

at New American Funding

5.0

Best for borrowers with nontraditional credit histories

620

3%

at New American Funding

Fairway Independent Mortgage

Fairway Independent Mortgage: NMLS#2289

at Fairway Independent Mortgage

3.5

Best for mobile experience

620

3%

at Fairway Independent Mortgage

loanDepot

loanDepot: NMLS#174457

3.5

Best for government loan programs

620

5%

Wintrust Mortgage

Wintrust Mortgage: NMLS#449042

4.5

Best for personal service

620

3%

US Bank

US Bank: NMLS#402761

4.5

Best for personal service

620

3%

PNC

PNC: NMLS#446303

at PNC

4.5

Best for borrowers with nontraditional credit histories + government loan programs

620

3%

at PNC

Guaranteed Rate

at Guaranteed Rate

Guaranteed Rate: NMLS#2611

4.5

NerdWallet rating

Guaranteed Rate

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

New American Funding

at New American Funding

New American Funding: NMLS#6606

5.0

NerdWallet rating

New American Funding

Min. credit score

620

Min. down payment

3%

at New American Funding

Why we like it

Good for: borrowers who need to be evaluated on the basis of nontraditional credit and those interested in various down payment assistance programs.

Pros

Uses manual underwriting to evaluate creditworthiness, in some cases.
Offers full online mortgage application, rate quotes, document upload and loan tracking.

Cons

Mortgage origination fees tend to be on the high end, according to the latest federal data.

Read Full Review

Fairway Independent Mortgage

at Fairway Independent Mortgage

Fairway Independent Mortgage: NMLS#2289

3.5

NerdWallet rating

Fairway Independent Mortgage

Min. credit score

620

Min. down payment

3%

at Fairway Independent Mortgage

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.
Origination fees are on the high side and are not offset by low rates, according to the latest data.

Read Full Review

loanDepot

loanDepot: NMLS#174457

3.5

NerdWallet rating

loanDepot

Min. credit score

620

Min. down payment

5%

Why we like it

Good for: borrowers looking to refinance or who want to start the application process online.

Pros

Offers digital income, asset and employment verification.
Offers multiple renovation loan options.
Has affiliated loan stores 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

Wintrust Mortgage

Wintrust Mortgage: NMLS#449042

4.5

NerdWallet rating

Wintrust Mortgage

Min. credit score

620

Min. down payment

3%

Why we like it

Wintrust Mortgage offers a variety of loan products, including home equity lines of credit and even home-improvement loans, and provides a number of online conveniences, such as loan process updates. But you won’t find rates posted online.

Pros

Online application and progress tracking are available.
Offers specialty loans, such as construction and renovation loans.
Participates in some first-time home buyer assistance programs.

Cons

Sample rates for some loan products are available only by contacting a loan officer.
Physical locations aren't available in all states.

Read Full Review

US Bank

US Bank: NMLS#402761

4.5

NerdWallet rating

US Bank

Min. credit score

620

Min. down payment

3%

Why we like it

U.S. Bank gets high marks for its loan offerings and online customer conveniences — and has competitive fees and mortgage rates.

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

at PNC

PNC: NMLS#446303

4.5

NerdWallet rating

PNC

Min. credit score

620

Min. down payment

3%

at PNC

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

Doesn't offer renovation mortgages.
In-person service is not available in every state.

Read Full Review

PNC

at PNC

PNC: NMLS#446303

4.5

NerdWallet rating

PNC

Min. credit score

620

Min. down payment

3%

at PNC

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

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.

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

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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

Guaranteed Rate: Best for mobile experience
New American Funding: Best for borrowers with nontraditional credit histories
Fairway Independent Mortgage: Best for mobile experience
loanDepot: Best for government loan programs
Wintrust Mortgage: Best for personal service
US Bank: Best for personal service
PNC: Best for borrowers with nontraditional credit histories + government loan programs