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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

LenderNerdWallet Rating Minimum Credit Score Minimum Down PaymentLearn More

Guaranteed Rate: NMLS#2611

Read review

4.5

/5

Best for online experience

620

3%

Read review

Fairway Independent Mortgage: NMLS#2289

at Fairway

4.0

/5

Best for online experience

620

3%

at Fairway

PrimeLending: NMLS#13649

Read review

3.5

/5

Best for renovation loans

620

3%

Read review

Caliber: NMLS#15622

Read review

3.5

/5

Best for renovation loans

620

3%

Read review

loanDepot: NMLS#174457

at loanDepot

4.0

/5

Best for loan officer support

620

3.5%

at loanDepot

PNC: NMLS#446303

Read review

4.0

/5

Best for loan officer support

620

3%

Read review
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Read review

Guaranteed Rate: NMLS#2611

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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.

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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.

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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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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

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.

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PNC: NMLS#446303

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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.

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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 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