Best of
Best IHDA Mortgage Lenders of 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%
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%
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%
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.
at US Bank
at US Bank
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%
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%
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%
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%
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 at US Bank | personal service | 620 | 3% | at US Bank |
 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 at US Bank | personal service | 620 | 3% | at US Bank |
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
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
