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7 Best IHDA Mortgage Lenders of 2020

NerdWalletJanuary 2, 2020

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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.

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

Summary of Best IHDA Mortgage Lenders of 2020

LenderNerdWallet Rating Minimum Credit Score Minimum Down PaymentLearn More

Guaranteed Rate

Best for: mobile experience

620

3%

Read review

Fairway Independent Mortgage

at Fairway

Best for: mobile experience

620

3%

at Fairway

Wintrust Mortgage

Best for: personal service

620

3%

Read review

US Bank

Best for: personal service

620

3%

Read review

PNC

Best for: borrowers with nontraditional credit histories + government loan programs

620

3%

Read review

New American Funding

at New American

Best for: borrowers with nontraditional credit histories

700

3%

at New American

loanDepot

at loanDepot

Best for: government loan programs

620

3.5%

at loanDepot

Guaranteed Rate: NMLS#2611

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Min. Credit Score

620

Min. Down Payment

3%


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.

Read Full Review
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at Fairway

Fairway Independent Mortgage: NMLS#2289

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Min. Credit Score

620

Min. Down Payment

3%

at Fairway


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.

Read Full Review

Wintrust Mortgage: NMLS#449042

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Min. Credit Score

620

Min. Down Payment

3%


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.

Read Full Review

US Bank: NMLS#402761

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Min. Credit Score

620

Min. Down Payment

3%


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.

Read Full Review

PNC: NMLS#446303

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Min. Credit Score

620

Min. Down Payment

3%


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
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at New American

New American Funding: NMLS#6606

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Min. Credit Score

700

Min. Down Payment

3%

National / Regional

National

at New American


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.

Read Full Review
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at loanDepot

loanDepot: NMLS#174457

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Min. Credit Score

620

Min. Down Payment

3.5%

at loanDepot


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.

Read Full Review

PNC: NMLS#446303

Logo

Min. Credit Score

620

Min. Down Payment

3%


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.

More from NerdWallet

Compare Chicago-area mortgage lenders

Calculate your mortgage payment

See Illinois mortgage rates

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