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6 Best Indiana Housing and Community Development Authority Lenders of 2020

NerdWalletJanuary 2, 2020

At NerdWallet, we strive to help you make financial decisions with confidence. To do this, many or all of the products featured here are from our partners. However, this doesn’t influence our evaluations. Our opinions are our own.

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

LenderBest For

Minimum Credit Score

Minimum Down PaymentLearn More
Guaranteed Rate

Guaranteed Rate

online experience

620

3%

Read review
Fairway Independent Mortgage

Fairway Independent Mortgage

at Fairway

online experience

N/A

3%

at Fairway

PrimeLending

PrimeLending

renovation loans

620

3%

Read review
Caliber

Caliber

renovation loans

620

3%

Read review
loanDepot

loanDepot

at loanDepot

loan officer support

620

3.5%

at loanDepot

PNC

PNC

loan officer support

620

3%

Read review
LenderBest For

Minimum Credit Score

Minimum Down PaymentLearn More
Guaranteed Rate

Guaranteed Rate

online experience

620

3%

Read review
Fairway Independent Mortgage

Fairway Independent Mortgage

at Fairway

online experience

N/A

3%

at Fairway

PrimeLending

PrimeLending

renovation loans

620

3%

Read review
Caliber

Caliber

renovation loans

620

3%

Read review
loanDepot

loanDepot

at loanDepot

loan officer support

620

3.5%

at loanDepot

PNC

PNC

loan officer support

620

3%

Read review

Guaranteed Rate: NMLS#2611

Logo

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 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
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at Fairway

Fairway Independent Mortgage: NMLS#2289

Logo

National / Regional

National

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

PrimeLending: NMLS#13649

Logo

Min. Credit Score

620

Min. Down Payment

3%


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.

Read Full Review

Caliber: NMLS#15622

Logo

Min. Credit Score

620

Min. Down Payment

3%


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
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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

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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

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