Best of

Best Maryland DHCD Mortgage Lenders of 2019

NerdWalletJuly 2, 2019

At NerdWallet, we strive to help you make financial decisions with confidence. To do this, many or all of the products featured here are from our partners. However, this doesn’t 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.

Min. Credit Score

620

Min. Down Payment

3%

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.
Read full review
Min. Credit Score

550

Min. Down Payment

3%

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
Min. Credit Score

620

Min. Down Payment

3%

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
National / Regional

National

Min. Down Payment

3%

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
Min. Credit Score

620

Min. Down Payment

3%

Pros

  • Offers a complete online suite of mortgage application tools and loan tracking.
  • Has plenty of loan options to choose from and competitive interest rates.
  • Provides customer service in its physical locations, online, via chat and by phone.
  • Has a Doctor Loan Program for medical professionals who have high earning potential but little cash for down payments.

Cons

  • Has a limited number of physical branch locations in 11 states and Washington, D.C.
  • Does not consider alternative scoring data, such as rent or utility payments, in standard underwriting.
Read full review
Min. Credit Score

620

Min. Down Payment

3%

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.
Read full review
loanDepot

at loanDepot

at loanDepot

Min. Credit Score

620

Min. Down Payment

3.5%

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
Min. Credit Score

620

Min. Down Payment

3%

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
Min. Credit Score

620

Min. Down Payment

3%

Pros

  • Has low credit score options and will consider alternative credit data for FHA borrowers.
  • Offers a real-time loan application tracker.
  • Has a mobile app that tracks property details after closing.
  • Lends in all 50 states, the District of Columbia, Guam, Puerto Rico and the U.S. Virgin Islands.

Cons

  • Doesn’t offer an online application.
  • Requires a call or email for personalized rates.
Read full review
New American Funding

at New American

at New American

Min. Credit Score

620

Min. Down Payment

3%

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.
Read full review

Summary of Best Maryland DHCD Mortgage Lenders of 2019

LenderBest For

Minimum Credit Score

Minimum Down PaymentLearn More
PrimeLending

PrimeLending

expanded loan products and services

620

3%

Read review
HomeBridge

HomeBridge

expanded loan products and services

550

3%

Read review
Guaranteed Rate

Guaranteed Rate

online and mobile capabilities + customer service

620

3%

Read review
Fairway

Fairway

online and mobile capabilities

N/A

3%

Read review
SunTrust

SunTrust

borrowers with fair credit

620

3%

Read review
BB&T

BB&T

borrowers with fair credit

620

3%

Read review
loanDepot

loanDepot

at loanDepot

customer service

620

3.5%

at loanDepot

Mr. Cooper

Mr. Cooper

government mortgages

620

3%

Read review
New American Funding

New American Funding

at New American

government mortgages

620

3%

at New American

LenderBest For

Minimum Credit Score

Minimum Down PaymentLearn More
PrimeLending

PrimeLending

expanded loan products and services

620

3%

Read review
HomeBridge

HomeBridge

expanded loan products and services

550

3%

Read review
Guaranteed Rate

Guaranteed Rate

online and mobile capabilities + customer service

620

3%

Read review
Fairway

Fairway

online and mobile capabilities

N/A

3%

Read review
SunTrust

SunTrust

borrowers with fair credit

620

3%

Read review
BB&T

BB&T

borrowers with fair credit

620

3%

Read review
loanDepot

loanDepot

at loanDepot

customer service

620

3.5%

at loanDepot

Mr. Cooper

Mr. Cooper

government mortgages

620

3%

Read review
New American Funding

New American Funding

at New American

government mortgages

620

3%

at New American

Last updated on July 2, 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 Maryland DHCD Mortgage Lenders of 2019