BEST OF

4 Best Iowa Finance Authority Mortgage Lenders of 2021

These mortgage lenders rank among the best of those with expertise implementing Iowa Finance Authority home loan benefits.

NerdWallet
Jan 21, 2021

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The Iowa Finance Authority helps first-time home buyers in the state by offering unique assistance programs that help cover down payment and closing costs. But you'll need an IFA-approved lender to make the loan happen.

NerdWallet has created this short list of participating lenders, highlighting some of the best that know how to navigate state-sponsored home loan benefits for Ioans.

» MORE: Find Iowa Finance Authority loan programs and eligibility requirements

Best Iowa Finance Authority Mortgage Lenders

Wells Fargo
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Wells Fargo: NMLS#399801

4.5

NerdWallet rating 
Wells Fargo

Min. Credit Score

620

Min. Down Payment

3%
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Why we like it

Wells Fargo has a solid selection of mortgage products and offers easy-to-shop rates.

Pros

  • Provides numerous online conveniences, including loan application and process updates.

  • Current rates clearly posted for various loan products.

  • Offers a wide variety of loan types and products.

Cons

  • Home equity loans and lines of credit suspended due to COVID-19 are still unavailable.

  • Scandals and government actions have damaged consumer trust in recent years.

  • No home improvement loans offered.

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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%
Learn more

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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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 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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Wintrust Mortgage
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Wintrust Mortgage: NMLS#449042

4.5

NerdWallet rating 
Wintrust Mortgage

Min. Credit Score

620

Min. Down Payment

3%
Read review

Why we like it

Wintrust Mortgage offers a variety of loan products, including home equity lines of credit and even home-improvement loans, and provides a number of online conveniences, such as loan process updates. But you won’t find rates posted online.

Pros

  • Online application and progress tracking are available.

  • Offers specialty loans, such as construction and renovation loans.

  • Participates in some first-time home buyer assistance programs.

Cons

  • Sample rates for some loan products are available only by contacting a loan officer.

  • Physical locations aren't available in all states.

Read Full Review

More Iowa Finance Authority participating lenders

Here are additional Iowa Finance Authority-approved lenders. While they haven’t been reviewed by NerdWallet, they are among the highest loan volume mortgage originators in the state.

Veridian Credit Union

  • Apply online for a preapproval.

  • Provides fixed- and adjustable-rate construction loans.

  • A 10-year fixed loan option can reduce interest costs.

HomeServices Lending

  • Offers reduced mortgage insurance premiums for low- to moderate-income borrowers.

  • Provides rural housing loans with zero down payments, backed by the USDA.

  • Condo financing also available.

More from NerdWallet

Last updated on January 21, 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 Iowa Finance Authority Mortgage Lenders of 2021