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6 Best Indiana Housing and Community Development Authority Lenders of 2020

NerdWalletJanuary 2, 2020

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

The Indiana Housing and Community Development Authority, or IHCDA, provides programs to help Hoosiers buy their first homes.

Some of Indiana's programs offer financial assistance with down payment and closing costs, while others offer discounted interest rates or fees for mortgage insurance. Borrowers don't have to be newbies: The requirement to be a first-time home buyer may be waived for military veterans, residents of economically disadvantaged target areas or people with limited incomes.

Several IHCDA participating lenders have been reviewed by NerdWallet, which has curated some high-scoring lenders according to borrower needs. In addition, NerdWallet has listed some lenders that are headquartered in Indiana and do a lot of business in the state, but they have not been reviewed.

» MORE: IHCDA loan programs and eligibility requirements

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

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at Guaranteed Rate

Guaranteed Rate: NMLS#2611

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Min. Credit Score

620

Min. Down Payment

3%

at Guaranteed Rate

Why we like it

Good for borrowers seeking conventional or government-backed loans, and a totally online experience.

Pros

  • Offers the ability to securely upload and digitally sign loan documents.

  • Displays detailed sample rates for many of its loan products.

Cons

  • Doesn't offer home equity loans or lines of credit.

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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

Good for borrowers who want access to a wide variety of mortgages and the convenience of a comprehensive mobile application process.

Pros

  • Offers a robust suite of loan products, including a variety of renovation loans.

  • Has a digital application that can be completed in 10 minutes.

  • Works with some state housing finance agencies to offer mortgages with down payment and closing cost assistance.

Cons

  • Mortgage rates aren't posted online.

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Read review

PrimeLending: NMLS#13649

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Min. Credit Score

620

Min. Down Payment

3%

Read review

Why we like it

Good for: borrowers looking for closing cost assistance, as well as those seeking to renovate or to build a new home.

Pros

  • Full online application includes document uploads and automated loan updates.

  • Offers a "float-down" interest rate lock.

  • Offers a proprietary closing-cost assistance program.

Cons

  • No online mortgage rates — you have to contact the lender for info.

  • Doesn't offer home equity products.

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Read review

Caliber: NMLS#15622

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Min. Credit Score

620

Min. Down Payment

3%

Read review

Why we like it

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

Pros

  • Offers extensive educational resources for military borrowers.

  • Provides digital tools for a streamlined application process.

  • Participates in some state down payment assistance and first-time homebuyer programs.

Cons

  • No mortgage rates displayed online.

  • Doesn't offer home equity loans or lines of credit.

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at loanDepot

loanDepot: NMLS#174457

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Min. Credit Score

620

Min. Down Payment

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.

  • Offers multiple renovation loan options.

  • Has over 200 affiliated loan stores nationwide for customers who prefer face-to-face service.

Cons

  • Mortgage rates aren't available online; you'll need to contact a loan officer.

  • Does not offer home equity loans or lines of credit.

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Read review

PNC: NMLS#446303

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Min. Credit Score

620

Min. Down Payment

3%

Read review

Why we like it

Good for borrowers with low-to-moderate incomes or limited down payments. PNC offers several low-down-payment loans, including one with no mortgage insurance.

Pros

  • Posts current mortgage rates on its website.

  • Has an online application for mortgage preapproval and a digital tool to track application progress.

  • Offers several affordable loan options including FHA, VA, USDA and the PNC Community Loan.

Cons

  • Can't complete a full mortgage application online.

  • Doesn't offer renovation mortgages.

  • In-person service is not available in every state.

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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 star ratings for mortgage lenders are awarded based on our evaluation of the products and services each lender offers to consumers who are actively shopping for the best mortgage. The five key areas we evaluated include the variety of loan types and products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available Home Mortgage Disclosure Act data. 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