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8 Best Indiana Housing and Community Development Authority Lenders of 2021

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

NerdWallet
Jan 26, 2021

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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

Best Indiana Housing and Community Development Authority Lenders

Guaranteed Rate
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at Guaranteed Rate

Guaranteed Rate: NMLS#2611

4.5

NerdWallet rating 
Guaranteed Rate

Min. Credit Score

620

Min. Down Payment

3%
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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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Fairway Independent Mortgage
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at Fairway Independent Mortgage

Fairway Independent Mortgage: NMLS#2289

3.5

NerdWallet rating 
Fairway Independent Mortgage

Min. Credit Score

620

Min. Down Payment

3%
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at Fairway Independent Mortgage

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.

  • Origination fees are on the high side and are not offset by low rates, according to the latest data.

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PrimeLending
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PrimeLending: NMLS#13649

3.5

NerdWallet rating 
PrimeLending

Min. Credit Score

620

Min. Down Payment

3%
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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
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Caliber: NMLS#15622

4.0

NerdWallet rating 
Caliber

Min. Credit Score

620

Min. Down Payment

3%
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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 home buyer programs.

Cons

  • No mortgage rates displayed online.

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

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loanDepot
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at loanDepot

loanDepot: NMLS#174457

3.5

NerdWallet rating 
loanDepot

Min. Credit Score

620

Min. Down Payment

5%
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at loanDepot

Why we like it

Good for: borrowers looking to refinance or who want to start the application process online.

Pros

  • Offers digital income, asset and employment verification.

  • Offers multiple renovation loan options.

  • Has affiliated loan stores 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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New American Funding
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at New American Funding

New American Funding: NMLS#6606

5.0

NerdWallet rating 
New American Funding

Min. Credit Score

620

Min. Down Payment

3%
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at New American Funding

Why we like it

Good for: borrowers who need to be evaluated on the basis of nontraditional credit and those interested in various down payment assistance programs.

Pros

  • Uses manual underwriting to evaluate creditworthiness, in some cases.

  • Offers full online mortgage application, rate quotes, document upload and loan tracking.

Cons

  • Mortgage origination fees tend to be on the high end, according to the latest federal data.

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Homebridge
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Homebridge: NMLS#6521

4.0

NerdWallet rating 
Homebridge

Min. Credit Score

620

Min. Down Payment

3%
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Why we like it

Good for borrowers who want a loan officer's help, in person or on the phone, when deciding among the wide range of available mortgage options — including loans to buy and renovate.

Pros

  • Offers a full array of mortgage products, including government and renovation loans.

  • Has loans for most purposes, including purchase, refinance and jumbo mortgages.

  • Online portal keeps borrowers up-to-date on the loan application's progress.

Cons

  • Doesn't post interest rates on its site.

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

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Northpointe
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at Northpointe

Northpointe: NMLS#447490

4.5

NerdWallet rating 
Northpointe

Min. Credit Score

620

Min. Down Payment

3%
Learn more

at Northpointe

Why we like it

Good for: those seeking an abundance of loan offerings, including a no-down-payment mortgage that helps accelerate home equity accumulation.

Pros

  • A full slate of loan offerings.

  • Offers a no-down-payment loan with a shorter repayment term that helps accelerate home equity accumulation.

  • A mobile app provides a number of customer conveniences.

  • Serves all 50 states plus Washington, D.C.

Cons

  • You’ll need to provide contact information or speak to a loan officer for customized mortgage rates.

  • Origination fees are on the high side, according to the latest data.

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 26, 2021

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 2021