Best of
Best Iowa Finance Authority Mortgage Lenders of 2019
NerdWalletJuly 12, 2019
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These mortgage lenders rank among the best of those with expertise implementing Iowa Finance Authority home loan benefits.
Min. Credit Score
620
Min. Down Payment
3%
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.
Min. Credit Score
620
Min. Down Payment
3%
Ideal for borrowers with a relatively high credit score who may need down payment assistance or help from a state housing agency.
Pros
- Works with loan programs offered by state and local housing agencies.
- Specializes in mortgages for first-time home buyers.
- Almost half of its loans are low-down-payment government mortgages.
- Considers alternative credit, such as history of payments on rent and utilities.
Cons
- With a concentration of offices in the West and South, Guild has little presence in the Northeast and Midwest.
- Jumbo borrowers may find that banks are more competitive when it comes to large-amount loans.
Min. Credit Score
620
Min. Down Payment
3%
Ideal for borrowers looking for a national lender with a complete selection of mortgage products for home buyers in all financial stages.
Pros
- Loan programs to educate and assist first-time home buyers, union members and others.
- Relocation and employee mortgage programs for many large companies.
- Accepts down payments as low as 3% on fixed-rate mortgages through its yourFirst Mortgage program.
Cons
- Government actions and scandals have damaged consumer trust.
at New American
at New American
Min. Credit Score
620
Min. Down Payment
3%
Ideal for borrowers who need to be evaluated on the basis of nontraditional credit. New American Funding offers FHA and VA loans, works with down payment assistance programs, and seeks borrowers whose credit histories don't fit the mold of traditional banking.
Pros
- Uses manual underwriting to evaluate creditworthiness.
- Offers full online mortgage application, rate quotes, document upload and loan tracking.
Cons
- Services not available in all 50 states.
at Veterans United
at Veterans United
Min. Credit Score
620
Min. Down Payment
0%
Ideal for veterans and active-duty servicemembers. Veterans United is the nation's largest VA home purchase lender but also offers an excellent selection of other government and conventional loans.
Pros
- Also offers FHA, USDA and conventional loans.
- Offers 24/7 customer service.
- You can complete a loan application and pre-qualify online.
- Registers a low volume of complaints filed with the Consumer Financial Protection Bureau.
- Offers free credit score education and assistance.
- Provides a client advocate team staffed by former senior enlisted leaders from each branch of the armed forces.
Cons
- Doesn’t offer home equity loans or HELOCs.
- Loans are available in all 50 states, but Veterans United has offices in only about half.
Min. Credit Score
620
Min. Down Payment
3%
Ideal for first-time home buyers, veterans and those who may have credit challenges to overcome.
Pros
- Participates in some down payment assistance programs.
- Offers educational resources for military borrowers.
- Provides digital tools for a streamlined application process.
Cons
- No mortgage rates displayed online.
- Must work with a loan officer for pre-qualification and preapproval.
National / Regional
National
Min. Down Payment
3%
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.
Min. Credit Score
620
Min. Down Payment
3%
Ideal for first-time home buyers and those seeking specialty mortgages such as construction or condo loans.
Pros
- Offers specialty loans, such as construction, renovation and reverse mortgages.
- Online application and progress tracking available.
- Condo lending specialists on staff.
- Participates in five first-time home buyer assistance programs.
Cons
- Mortgage rates are available only by contacting a loan officer.
- Physical locations not available in all states.
Summary of Best Iowa Finance Authority Mortgage Lenders of 2019
| Lender | Best For | Minimum Credit Score | Minimum Down Payment | Learn More |
|---|---|---|---|---|
 Guaranteed Rate | first-time home buyers | 620 | 3% | Read review |
 Guild Mortgage | first-time home buyers | 620 | 3% | Read review |
 Wells Fargo | nontraditional credit borrowers | 620 | 3% | Read review |
New American Funding at New American | nontraditional credit borrowers | 620 | 3% | at New American |
Veterans United at Veterans United | government loans | 620 | 0% | at Veterans United |
 Caliber | government loans | 620 | 3% | Read review |
 Fairway | buying a fixer-upper | N/A | 3% | Read review |
 Wintrust Mortgage | buying a fixer-upper | 620 | 3% | Read review |
| Lender | Best For | Minimum Credit Score | Minimum Down Payment | Learn More |
|---|---|---|---|---|
Guaranteed Rate | first-time home buyers | 620 | 3% | Read review |
Guild Mortgage | first-time home buyers | 620 | 3% | Read review |
Wells Fargo | nontraditional credit borrowers | 620 | 3% | Read review |
New American Funding at New American | nontraditional credit borrowers | 620 | 3% | at New American |
Veterans United at Veterans United | government loans | 620 | 0% | at Veterans United |
Caliber | government loans | 620 | 3% | Read review |
Fairway | buying a fixer-upper | N/A | 3% | Read review |
Wintrust Mortgage | buying a fixer-upper | 620 | 3% | Read 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.
Hills Bank and Trust
- Charges no application fee.
- Apply online at any hour, by phone or in person.
- Offers special financing options for medical and dental residents.
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.
Bankers Trust Company
- Prequalify or complete a full application online.
- Offers the broad range of services you would expect from a full-service bank.
- Based in Des Moines, with offices throughout Iowa.
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 July 12, 2019
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 Iowa Finance Authority Mortgage Lenders of 2019
- Guaranteed Rate: Best for first-time home buyers
- Guild Mortgage: Best for first-time home buyers
- Wells Fargo: Best for nontraditional credit borrowers
- New American Funding: Best for nontraditional credit borrowers
- Veterans United: Best for government loans
- Caliber: Best for government loans
- Fairway: Best for buying a fixer-upper
- Wintrust Mortgage: Best for buying a fixer-upper
