BEST OF
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.
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.
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.
Summary of Best Indiana Housing and Community Development Authority Lenders of 2021
| Lender | NerdWallet Rating | Minimum Credit Score | Minimum Down Payment | Learn More |
|---|---|---|---|---|
Best for online experience | 620 | 3% | at Guaranteed Rate | |
Best for online experience | 620 | 3% | at Fairway Independent Mortgage | |
Best for renovation loans | 620 | 3% | Read review | |
Best for renovation loans | 620 | 3% | Read review | |
Best for loan officer support | 620 | 5% | at loanDepot | |
Best for first-time home buyers | 620 | 3% | at New American Funding | |
Best for online convenience | 620 | 3% | Read review | |
Best for low-down-payment loans | 620 | 3% | at Northpointe |
at Guaranteed Rate
at Guaranteed Rate
Min. Credit Score
620
Min. Down Payment
3%
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.
at Fairway Independent Mortgage
at Fairway Independent Mortgage
Min. Credit Score
620
Min. Down Payment
3%
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.
Min. Credit Score
620
Min. Down Payment
3%
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.
Min. Credit Score
620
Min. Down Payment
3%
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.
at loanDepot
at loanDepot
Min. Credit Score
620
Min. Down Payment
5%
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.
at New American Funding
at New American Funding
Min. Credit Score
620
Min. Down Payment
3%
Pros
- Uses manual underwriting to evaluate creditworthiness.
- Offers full online mortgage application, rate quotes, document upload and loan tracking.
Cons
- Mortgage rates offered to borrowers are higher than the government-reported median of all lenders.
Min. Credit Score
620
Min. Down Payment
3%
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 offer home equity loans or lines of credit.
at Northpointe
at Northpointe
Min. Credit Score
620
Min. Down Payment
3%
Pros
- A full slate of loan offerings.
- Offers a no-down-payment loan with shorter repayment terms that helps accelerate home equity accumulation.
- Serves all 50 states plus the District of Columbia.
- A web app provides a number of customer conveniences.
Cons
- Doesn't offer construction loans at this time.
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.
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.
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.
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.
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
- 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
- New American Funding: Best for first-time home buyers
- HomeBridge: Best for online convenience
- Northpointe: Best for low-down-payment loans
