Best of
Best Indiana Housing and Community Development Authority Lenders of 2019
NerdWalletMay 21, 2019
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Hoosiers can consider these well-rated lenders when buying homes with help from IHCDA first-time home buyer programs.
Min. Credit Score
620
Min. Down Payment
3%
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 are well-qualified.
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 that 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%
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.
Min. Credit Score
620
Min. Down Payment
3%
Ideal for borrowers looking for help with closing costs: PrimeLending's proprietary program, NeighborhoodEdge, helps qualified low- to moderate-income borrowers with up to $2,000 in closing cost credits (certain restrictions are based on income and location).
Pros
- Low rate of consumer complaints filed with the Consumer Financial Protection Bureau.
- Request a pre-qualification through PrimeLending’s secure system from a phone, tablet or computer.
- Niche mortgage products include energy-efficient mortgages, FHA 203(k) renovation and remodeling loans, manufactured home mortgages and home construction loans.
- Free “float down” interest rate option lets borrowers choose the lower rate if interest rates fall, even with a rate lock.
- NeighborhoodEdge closing-cost assistance program for low- to moderate-income borrowers allows qualified borrowers $2,000 in closing cost credits (restrictions on income and location).
- “Alternative doc” program lets borrowers qualify for mortgage based on bank statements rather than tax returns.
Cons
- No live chat online.
- No online mortgage rates quotes.
Min. Credit Score
620
Min. Down Payment
3%
Ideal for first-time home buyers, veterans and those who may have credit challenges to overcome.
Pros
- Participates in some down payment assistance programs.
- Offers educational resources for military borrowers.
- Provides digital tools for a streamlined application process.
Cons
- No mortgage rates displayed online.
- Must work with a loan officer for pre-qualification and preapproval.
at loanDepot
at loanDepot
Min. Credit Score
620
Min. Down Payment
3.5%
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.
Min. Credit Score
620
Min. Down Payment
3%
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.
Summary of Best Indiana Housing and Community Development Authority Lenders of 2019
| Lender | Best For | Minimum Credit Score | Minimum Down Payment | Learn More |
|---|---|---|---|---|
 Guaranteed Rate | online experience | 620 | 3% | Read review |
 Fairway | online experience | N/A | 3% | Read review |
 PrimeLending | renovation loans | 620 | 3% | Read review |
 Caliber | renovation loans | 620 | 3% | Read review |
loanDepot at loanDepot | loan officer support | 620 | 3.5% | at loanDepot |
 PNC | loan officer support | 620 | 3% | Read review |
| Lender | Best For | Minimum Credit Score | Minimum Down Payment | Learn More |
|---|---|---|---|---|
Guaranteed Rate | online experience | 620 | 3% | Read review |
Fairway | online experience | N/A | 3% | Read review |
PrimeLending | renovation loans | 620 | 3% | Read review |
Caliber | renovation loans | 620 | 3% | Read review |
loanDepot at loanDepot | loan officer support | 620 | 3.5% | at loanDepot |
PNC | loan officer support | 620 | 3% | Read review |
More IHCDA participating mortgage lenders
These IHCDA participating lenders have their headquarters in Indiana and are among the busiest mortgage companies in the Hoosier State. They have not been reviewed by NerdWallet.
- Participates in Indiana's Helping to Own, Next Home, Affordable Home and My Home programs.
- Indiana's highest-volume mortgage lender.
- Does not publish mortgage rates online.
- Has more than 30 branches in Indiana.
- Participates in IHCDA's Helping to Own program.
- Offers ability to get pre-qualified online.
- Does not publish mortgage rates online.
- Has more than two dozen branches in Indiana.
- Participates in IHCDA's Helping to Own, Next Home, My Home and Honor Our Vets programs.
- Offers option to apply online.
- Does not publish mortgage rates online.
- Operates branches in 15 Indiana cities.
- Participates in IHDCA's Helping to Own, Next Home and Affordable Home programs.
- Publishes mortgage rates online.
- Offers an online application.
- Has mortgage loan officers in 11 Indiana cities.
More from NerdWallet
Last updated on May 21, 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 Indiana Housing and Community Development Authority Lenders of 2019
- Guaranteed Rate: Best for online experience
- Fairway: Best for online experience
- PrimeLending: Best for renovation loans
- Caliber: Best for renovation loans
- loanDepot: Best for loan officer support
- PNC: Best for loan officer support
