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.

Summary of Best IHDA Mortgage Lenders of 2020

Lender	Best For	Minimum Credit Score	Minimum Down Payment	Learn More
Guaranteed Rate NerdWallet rating Read review	mobile experience	620	3%	Read review
Fairway Independent Mortgage NerdWallet rating Read review	mobile experience	N/A	3%	Read review
Wintrust Mortgage NerdWallet rating Read review	personal service	620	3%	Read review
US Bank NerdWallet rating Read review	personal service	620	3%	Read review
PNC NerdWallet rating Read review	borrowers with nontraditional credit histories + government loan programs	620	3%	Read review
New American Funding NerdWallet rating Read review	borrowers with nontraditional credit histories	620	3%	Read review
loanDepot NerdWallet rating Read review	government loan programs	620	3.5%	Read review

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Guaranteed Rate: NMLS#2611

4.5

NerdWallet rating

Min. Credit Score

620

Min. Down Payment

3%

Read review

Why we like it

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.

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Fairway Independent Mortgage: NMLS#2289

4.0

NerdWallet rating

National / Regional

National

Min. Down Payment

3%

Read review

Why we like it

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.

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Wintrust Mortgage: NMLS#449042

4.0

NerdWallet rating

Min. Credit Score

620

Min. Down Payment

3%

Read review

Why we like it

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.

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US Bank: NMLS#402761

3.5

NerdWallet rating

Min. Credit Score

620

Min. Down Payment

3%

Read review

Why we like it

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.

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PNC: NMLS#446303

4.0

NerdWallet rating

Min. Credit Score

620

Min. Down Payment

3%

Read review

Why we like it

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.

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New American Funding: NMLS#6606

4.5

NerdWallet rating

Min. Credit Score

620

Min. Down Payment

3%

National / Regional

National

Read review

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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loanDepot: NMLS#174457

4.0

NerdWallet rating

Min. Credit Score

620

Min. Down Payment

3.5%

Read review

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.
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.

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PNC: NMLS#446303

4.0

NerdWallet rating

Min. Credit Score

620

Min. Down Payment

3%

Read review

Why we like it

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.

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.

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Last updated on January 2, 2020

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 2020

Guaranteed Rate: Best for mobile experience
Fairway Independent Mortgage: 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

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