Best of

Best IHDA Mortgage Lenders of 2019

NerdWalletJuly 2, 2019

At NerdWallet, we strive to help you make financial decisions with confidence. To do this, many or all of the products featured here are from our partners. However, this doesn’t influence our evaluations. Our opinions are our own.

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%

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.
Read full review
National / Regional

National

Min. Down Payment

3%

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.
Read full review
Min. Credit Score

620

Min. Down Payment

3%

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.
Read full review
US Bank

at US Bank

at US Bank

Min. Credit Score

620

Min. Down Payment

3%

Min. Credit Score

620

Min. Down Payment

3%

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.
Read full review
New American Funding

at New American

at New American

Min. Credit Score

620

Min. Down Payment

3%

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.
Read full review
loanDepot

at loanDepot

at loanDepot

Min. Credit Score

620

Min. Down Payment

3.5%

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.
Read full review
Min. Credit Score

620

Min. Down Payment

3%

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.
Read full review

Summary of Best IHDA Mortgage Lenders of 2019

LenderBest For

Minimum Credit Score

Minimum Down PaymentLearn More
Guaranteed Rate

Guaranteed Rate

mobile experience

620

3%

Read review
Fairway

Fairway

mobile experience

N/A

3%

Read review
Wintrust Mortgage

Wintrust Mortgage

personal service

620

3%

Read review
US Bank

US Bank

at US Bank

personal service

620

3%

at US Bank

PNC

PNC

borrowers with nontraditional credit histories + government loan programs

620

3%

Read review
New American Funding

New American Funding

at New American

borrowers with nontraditional credit histories

620

3%

at New American

loanDepot

loanDepot

at loanDepot

government loan programs

620

3.5%

at loanDepot

LenderBest For

Minimum Credit Score

Minimum Down PaymentLearn More
Guaranteed Rate

Guaranteed Rate

mobile experience

620

3%

Read review
Fairway

Fairway

mobile experience

N/A

3%

Read review
Wintrust Mortgage

Wintrust Mortgage

personal service

620

3%

Read review
US Bank

US Bank

at US Bank

personal service

620

3%

at US Bank

PNC

PNC

borrowers with nontraditional credit histories + government loan programs

620

3%

Read review
New American Funding

New American Funding

at New American

borrowers with nontraditional credit histories

620

3%

at New American

loanDepot

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

Calculate your mortgage payment

See Illinois mortgage rates

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