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7 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.

By NerdWallet  

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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

New American Funding
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at New American Funding

New American Funding: NMLS#6606

4.5

NerdWallet rating 
New American Funding

Min. credit score

620

Min. down payment

3%
Learn more

at New American Funding

Why we like it

Good for: First-time home buyers and other borrowers looking for a broad array of loan choices.

Pros

  • Offers a wide variety of purchase and refinance mortgages with an emphasis on helping underserved communities.

  • Its home equity line of credit can be used for an owner-occupied or second home.

  • Offers a program to enable buyers to make cash offers.

Cons

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

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Guaranteed Rate
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at Guaranteed Rate

Guaranteed Rate: NMLS#2611

5.0

NerdWallet rating 
Guaranteed Rate

Min. credit score

620

Min. down payment

3%
Learn more

at Guaranteed Rate

Why we like it

Good for: borrowers seeking a solid variety of loan types, including jumbo and interest-only options, and a totally online experience.

Pros

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

  • Offers a wide variety of loans, including jumbo and interest-only products.

  • Offers low rates compared with other lenders, according to the latest federal data.

Cons

  • Doesn't offer home equity loans.

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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%
Learn more

at Fairway Independent Mortgage

Why we like it

Good for: borrowers who want access to a wide variety of mortgages, including renovation loans and ITIN loans.

Pros

  • Offers a robust suite of loan products, including ITIN loans for borrowers without Social Security numbers, renovation loans, government-backed mortgages and loans for self-employed borrowers.

  • Receives high marks for customer satisfaction, according to J.D. Power and Zillow.

Cons

  • Mortgage rates for different types of loans aren't posted online.

  • Origination fees are on the high side compared with other lenders, according to the latest federal 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 government-backed mortgage and refinance options, including FHA, USDA and VA loans.

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

3.5

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.

  • Participates in some 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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loanDepot: NMLS#174457

4.0

NerdWallet rating 
loanDepot

Min. credit score

620

Min. down payment

5%
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Why we like it

Good for: borrowers who want an easy online application and a variety of loan types to explore.

Pros

  • Has branches across the country for customers who prefer face-to-face service.

  • Receives high marks for customer satisfaction, according to J.D. Power and Zillow.

  • Mortgage interest rates tend to be on the lower end, according to the latest federal data.

Cons

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

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

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Homebridge
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Homebridge: NMLS#6521

3.5

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.

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

  • Offers home equity lines of credit, or HELOCs.

Cons

  • Doesn't post interest rates on its site.

  • Lender fees are on the high side, according to the latest federal 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