Best of
Best Kentucky Housing Corporation Lenders of 2019
NerdWalletMay 14, 2019
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The Kentucky Housing Corporation offers down payment assistance and mortgage tax credit programs. See our top picks for KHC-approved lenders.
Min. Credit Score
620
Min. Down Payment
3%
Ideal for borrowers in the Southeast who want face-to-face service at one of more than 2,000 financial centers.
Pros
- Considers alternative credit history on certain loans.
- Offers construction loans to build a home or make significant renovations to an existing home.
- Flexible borrowing and payment options for home equity loans and lines of credit.
- Full suite of online capabilities.
Cons
- Available mostly in the Southeast; not available nationwide.
- Creating an account is mandatory if you want to apply online.
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 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.
at loanDepot
at loanDepot
Min. Credit Score
620
Min. Down Payment
3.5%
Ideal for borrowers looking to get a mortgage with help from a loan officer. Digital back-office operations are said to add efficiency to the loan process.
Pros
- Offers digital income, asset and employment verification.
- Has over 150 affiliated loan stores nationwide for customers who prefer face-to-face service.
- One of the nation’s most active lenders of FHA and VA loans.
Cons
- Published mortgage rates include up to three points of prepaid interest and fees.
- Does not offer home equity loans or lines of credit.
Min. Credit Score
620
Min. Down Payment
3%
Ideal for borrowers who worry about taking on debt. Churchill advocates "debt-free homeownership" and helps customers achieve that goal. A well-known advocate: financial guru Dave Ramsey.
Pros
- Offers loans to customers without credit scores, using alternative data.
- Helps customers find relevant state housing and rural/farm programs.
- Offers annual mortgage reviews to help borrowers stay on track toward the goal of living debt-free.
Cons
- Not available everywhere: serves 44 states and D.C.
- Some borrowers, particularly in expensive urban areas, may be put off by the debt-free homeownership strategy.
- Does not offer home equity loans or HELOCs, but will "broker them out."
Min. Credit Score
620
Min. Down Payment
3%
Ideal for borrowers looking for help with closing costs: PrimeLending's proprietary program, NeighborhoodEdge, helps qualified low- to moderate-income borrowers with up to $2,000 in closing cost credits (certain restrictions are based on income and location).
Pros
- Low rate of consumer complaints filed with the Consumer Financial Protection Bureau.
- Request a pre-qualification through PrimeLending’s secure system from a phone, tablet or computer.
- Niche mortgage products include energy-efficient mortgages, FHA 203(k) renovation and remodeling loans, manufactured home mortgages and home construction loans.
- Free “float down” interest rate option lets borrowers choose the lower rate if interest rates fall, even with a rate lock.
- NeighborhoodEdge closing cost assistance program for low- to moderate-income borrowers allows qualified borrowers $2,000 in closing cost credits (restrictions on income and location).
- “Alternative doc” program lets borrowers qualify for mortgage based on bank statements rather than tax returns.
Cons
- No live chat online.
- No online mortgage rate quotes.
Summary of Best Kentucky Housing Corporation Lenders of 2019
| Lender | Best For | Minimum Credit Score | Minimum Down Payment | Learn More |
|---|---|---|---|---|
 BB&T | online experience | 620 | 3% | Read review |
 Guaranteed Rate | online experience | 620 | 3% | Read review |
 Caliber | veterans | 620 | 3% | Read review |
 Fairway | buying a fixer-upper | N/A | 3% | Read review |
loanDepot at loanDepot | buying a fixer-upper | 620 | 3.5% | at loanDepot |
 Churchill | borrowers with limited credit history | 620 | 3% | Read review |
 PrimeLending | borrowers with limited credit history | 620 | 3% | Read review |
| Lender | Best For | Minimum Credit Score | Minimum Down Payment | Learn More |
|---|---|---|---|---|
BB&T | online experience | 620 | 3% | Read review |
Guaranteed Rate | online experience | 620 | 3% | Read review |
Caliber | veterans | 620 | 3% | Read review |
Fairway | buying a fixer-upper | N/A | 3% | Read review |
loanDepot at loanDepot | buying a fixer-upper | 620 | 3.5% | at loanDepot |
Churchill | borrowers with limited credit history | 620 | 3% | Read review |
PrimeLending | borrowers with limited credit history | 620 | 3% | Read review |
More KHC-approved lenders
These lenders also participate in KHC programs and are among the highest-volume mortgage providers in Kentucky; however, they haven’t been reviewed by NerdWallet.
Century Mortgage
- Allows you to submit a preapproval request online.
- Doesn’t list rates or loan types on its website.
- Has several locations in Kentucky.
Commonwealth Bank and Trust
- You must speak with a loan officer to apply.
- Doesn’t publish loan options or mortgage rates on its website.
- Has over a dozen locations in the Louisville area.
Fifth Third Bank
- Provides online appointment scheduling with loan officers.
- Doesn’t appear to have a digital application.
- Has nearly 20 branch locations in and around Lexington.
Stockton Mortgage
- Lets you start the preapproval process online.
- Offers a wide variety of mortgage products.
- Has over a dozen branch locations in Kentucky.
More from NerdWallet
Last updated on May 14, 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 Kentucky Housing Corporation Lenders of 2019
- BB&T: Best for online experience
- Guaranteed Rate: Best for online experience
- Caliber: Best for veterans
- Fairway: Best for buying a fixer-upper
- loanDepot: Best for buying a fixer-upper
- Churchill: Best for borrowers with limited credit history
- PrimeLending: Best for borrowers with limited credit history
