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.
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.
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
| Lender | NerdWallet Rating | Minimum Credit Score | Minimum Down Payment | Learn More |
|---|---|---|---|---|
Best for mobile experience | 620 | 3% | at Guaranteed Rate | |
Best for borrowers with nontraditional credit histories | 620 | 3% | at New American Funding | |
Best for mobile experience | 620 | 3% | at Fairway Independent Mortgage | |
Best for government loan programs | 620 | 5% | at loanDepot | |
Best for personal service | 620 | 3% | Read review | |
Best for personal service | 620 | 3% | Read review | |
Best for borrowers with nontraditional credit histories + government loan programs | 620 | 3% | Read review |
at Guaranteed Rate
Guaranteed Rate: NMLS#2611
Min. Credit Score
Min. Down Payment
at Guaranteed Rate
at New American Funding
New American Funding: NMLS#6606
Min. Credit Score
Min. Down Payment
at New American Funding
at Fairway Independent Mortgage
Fairway Independent Mortgage: NMLS#2289
Min. Credit Score
Min. Down Payment
at Fairway Independent Mortgage
at loanDepot
loanDepot: NMLS#174457
Min. Credit Score
Min. Down Payment
at loanDepot
Wintrust Mortgage: NMLS#449042
Min. Credit Score
Min. Down Payment
US Bank: NMLS#402761
Min. Credit Score
Min. Down Payment
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
- 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
