Best of

9 Best Maryland DHCD Mortgage Lenders of 2020

NerdWalletFebruary 24, 2020

Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own.

The Maryland DHCD helps first-time home buyers in Maryland realize their homeownership ambitions. These are among the highest-rated DHCD lenders, as determined by NerdWallet.

The Maryland Department of Housing and Community Development helps first-time buyers realize their homeownership ambitions. Working with local lenders, the Maryland DHCD offers a number of programs to help make buying a home more affordable.

To take advantage of these first-time home buyer programs, you’ll need to work with a participating lender. We researched Maryland DHCD’s over 80 state-approved banks and mortgage companies and compiled a summary of lenders ranking among NerdWallet’s highest-rated.

Summary of Best Maryland DHCD Mortgage Lenders of 2020

LenderNerdWallet Rating Minimum Credit Score Minimum Down PaymentLearn More

PrimeLending: NMLS#13649

Best for expanded loan products and services

620

3%

Read review

HomeBridge: NMLS#6521

Best for expanded loan products and services

620

3%

Read review

Guaranteed Rate: NMLS#2611

Best for online and mobile capabilities + customer service

620

3%

Read review

Fairway Independent Mortgage: NMLS#2289

at Fairway

Best for online and mobile capabilities

620

3%

at Fairway

SunTrust: NMLS#2915

Best for borrowers with fair credit

620

3%

Read review

BB&T: NMLS#399803

Best for borrowers with fair credit

620

3%

Read review

loanDepot: NMLS#174457

at loanDepot

Best for customer service

620

3.5%

at loanDepot

Caliber: NMLS#15622

Best for government mortgages

620

3%

Read review

New American Funding: NMLS#6606

at New American

Best for government mortgages

700

3%

at New American

PrimeLending: NMLS#13649

Logo

Min. Credit Score

620

Min. Down Payment

3%


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 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.

Read Full Review

HomeBridge: NMLS#6521

Logo

Min. Credit Score

620

Min. Down Payment

3%


Why we like it

Ideal for borrowers who prefer an online experience. Homebridge offers a variety of home loan options and an online application.

Pros

  • A wide variety of loan types.

  • Low credit score requirements for government-backed loans.

  • A wealth of educational material on its website.

  • Licensed in all 50 states.

Cons

  • Mortgage application can't be tracked online.

  • Charges origination fees on some loans.

  • Limited branch locations.

Read Full Review

Guaranteed Rate: NMLS#2611

Logo

Min. Credit Score

620

Min. Down Payment

3%


Why we like it

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 meet robust guidelines.

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, which includes a $150 application fee.

  • Offers many products, which might confuse or overwhelm borrowers.

  • Several click-throughs required for personalized rates.

Read Full Review
Logo

at Fairway

Fairway Independent Mortgage: NMLS#2289

Logo

Min. Credit Score

620

Min. Down Payment

3%

at Fairway


Why we like it

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.

Read Full Review

SunTrust: NMLS#2915

Logo

Min. Credit Score

620

Min. Down Payment

3%


Why we like it

Ideal for borrowers with fair credit or better. SunTrust, now a part of Truist Financial Corp., offers a variety of customer service options.

Pros

  • Offers a complete online suite of mortgage application tools and loan tracking.

  • Provides customer service in its physical locations, online, via chat and by phone.

  • Offers wide variety of loan options, including a loan program for licensed medical professionals

Cons

  • Customized rates not available on website without starting an application.

  • Branches limited to mostly the Southeast.

Read Full Review

BB&T: NMLS#399803

Logo

Min. Credit Score

620

Min. Down Payment

3%


Why we like it

Ideal for borrowers in the Southeast who want online tools with the option of face-to-face service. BB&T, now part of Truist Financial Corp., offers a full menu of home loans.

Pros

  • Offers a variety of low-down-payment mortgage options

  • 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

  • Branches limited mostly to the Southeast.

Read Full Review
Logo

at loanDepot

loanDepot: NMLS#174457

Logo

Min. Credit Score

620

Min. Down Payment

3.5%

at loanDepot


Why we like it

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.

Read Full Review

Guaranteed Rate: NMLS#2611

Logo

Min. Credit Score

620

Min. Down Payment

3%


Why we like it

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 meet robust guidelines.

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, which includes a $150 application fee.

  • Offers many products, which might confuse or overwhelm borrowers.

  • Several click-throughs required for personalized rates.

Read Full Review

Caliber: NMLS#15622

Logo

Min. Credit Score

620

Min. Down Payment

3%


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.

  • Provides digital tools for a streamlined application process.

  • Participates in some state down payment assistance and first-time homebuyer programs.

Cons

  • No mortgage rates displayed online.

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

Read Full Review
Logo

at New American

New American Funding: NMLS#6606

Logo

Min. Credit Score

700

Min. Down Payment

3%

National / Regional

National

at New American


Why we like it

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 helps 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.

  • Home equity lending sets it apart from most non-bank lenders.

Cons

  • Services not available in all 50 states.

Read Full Review

Last updated on February 24, 2020

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 Maryland DHCD Mortgage Lenders of 2020