6 Best Indiana Housing and Community Development Authority Lenders of 2020

Hoosiers can consider these well-rated lenders when buying homes with help from IHCDA first-time home buyer programs.

Summary of Best Indiana Housing and Community Development Authority Lenders of 2020

Lender	Best For	Minimum Credit Score	Minimum Down Payment	Learn More
Guaranteed Rate NerdWallet rating Read review	online experience	620	3%	Read review
Fairway Independent Mortgage NerdWallet rating Learn More at Fairway	online experience	N/A	3%	Learn More at Fairway
PrimeLending NerdWallet rating Read review	renovation loans	620	3%	Read review
Caliber NerdWallet rating Read review	renovation loans	620	3%	Read review
loanDepot NerdWallet rating Learn more at loanDepot	loan officer support	620	3.5%	Learn more at loanDepot
PNC NerdWallet rating Read review	loan officer support	620	3%	Read review

Lender	Best For	Minimum Credit Score	Minimum Down Payment	Learn More
Guaranteed Rate NerdWallet rating Read review	online experience	620	3%	Read review
Fairway Independent Mortgage NerdWallet rating Learn More at Fairway	online experience	N/A	3%	Learn More at Fairway
PrimeLending NerdWallet rating Read review	renovation loans	620	3%	Read review
Caliber NerdWallet rating Read review	renovation loans	620	3%	Read review
loanDepot NerdWallet rating Learn more at loanDepot	loan officer support	620	3.5%	Learn more at loanDepot
PNC NerdWallet rating Read review	loan officer support	620	3%	Read review

Read review

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 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.

Read Full Review

Learn More

at Fairway

Fairway Independent Mortgage: NMLS#2289

4.0

NerdWallet rating

National / Regional

National

Min. Down Payment

3%

Learn More

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.

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Read review

PrimeLending: NMLS#13649

4.0

NerdWallet rating

Min. Credit Score

620

Min. Down Payment

3%

Read review

Why we like it

Ideal for borrowers with past credit issues and those looking for down payment and closing cost assistance programs.

Pros

Low rate of consumer complaints filed with the Consumer Financial Protection Bureau.
Offers a "float-down" interest rate lock.
Offers a proprietary closing-cost assistance program.

Cons

No online mortgage rates.
Charges an origination fee.
Doesn't offer home equity products.

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Caliber: NMLS#15622

4.0

NerdWallet rating

Min. Credit Score

620

Min. Down Payment

3%

Read review

Why we like it

Ideal for first-time home buyers, veterans and those who may have credit challenges to overcome.

Pros

Participates in some state 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.

Read Full Review

Learn more

at loanDepot

loanDepot: NMLS#174457

4.0

NerdWallet rating

Min. Credit Score

620

Min. Down Payment

3.5%

Learn more

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.

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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 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.

Ruoff Home Mortgage

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.

GVC Mortgage

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.

Hallmark Home Mortgage

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.

Centier Bank

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 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 Indiana Housing and Community Development Authority Lenders of 2020

Guaranteed Rate: Best for online experience
Fairway Independent Mortgage: 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

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