BEST OF
9 Best Maryland DHCD Mortgage Lenders of 2021
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.
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 2021
| Lender | NerdWallet Rating | Minimum Credit Score | Minimum Down Payment | Learn More |
|---|---|---|---|---|
Best for expanded loan products and services | 620 | 3% | Read review | |
Best for expanded loan products and services | 620 | 3% | Read review | |
Best for online and mobile capabilities + customer service | 620 | 3% | at Guaranteed Rate | |
Best for online and mobile capabilities | 620 | 3% | at Fairway Independent Mortgage | |
Best for borrowers with fair credit | 620 | 3% | Read review | |
Best for borrowers with fair credit | 620 | 3% | Read review | |
Best for customer service | 620 | 5% | at loanDepot | |
Best for government mortgages | 620 | 3% | Read review | |
Best for government mortgages | 620 | 3% | at New American Funding |
Min. Credit Score
620
Min. Down Payment
3%
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.
Min. Credit Score
620
Min. Down Payment
3%
Pros
- Offers a full array of mortgage products, including government and renovation loans.
- Has loans for most purposes, including purchase, refinance and jumbo mortgages.
- Online portal keeps borrowers up-to-date on the loan application's progress.
Cons
- Doesn't post interest rates on its site.
- Doesn’t offer home equity loans or lines of credit.
at Guaranteed Rate
at Guaranteed Rate
Min. Credit Score
620
Min. Down Payment
3%
Pros
- Offers the ability to securely upload and digitally sign loan documents.
- Displays detailed sample rates for many of its loan products.
Cons
- Doesn't offer home equity loans or lines of credit.
at Fairway Independent Mortgage
at Fairway Independent Mortgage
Min. Credit Score
620
Min. Down Payment
3%
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.
Min. Credit Score
620
Min. Down Payment
3%
Pros
- Offers a wide variety of loan options, including special programs for doctors, entrepreneurs and other professionals.
- Offers a complete suite of online mortgage application tools and loan tracking.
- Sample rates and fees are easy to find on the website.
Cons
- Customized rates aren't available online without starting an application.
- Branches are limited mostly to the Southeast.
Min. Credit Score
620
Min. Down Payment
3%
Pros
- Offers a variety of low-down-payment mortgages as well as construction mortgages.
- Website lets users estimate rates online by loan and property type, amount and location.
- Has an online mortgage application.
Cons
- Branches limited to mostly the Southeast region.
- Does not offer FHA loans.
at loanDepot
at loanDepot
Min. Credit Score
620
Min. Down Payment
5%
Pros
- Offers digital income, asset and employment verification.
- Offers multiple renovation loan options.
- Has over 200 affiliated loan stores nationwide for customers who prefer face-to-face service.
Cons
- Mortgage rates aren't available online; you'll need to contact a loan officer.
- Does not offer home equity loans or lines of credit.
at Guaranteed Rate
at Guaranteed Rate
Min. Credit Score
620
Min. Down Payment
3%
Pros
- Offers the ability to securely upload and digitally sign loan documents.
- Displays detailed sample rates for many of its loan products.
Cons
- Doesn't offer home equity loans or lines of credit.
Min. Credit Score
620
Min. Down Payment
3%
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 home buyer programs.
Cons
- No mortgage rates displayed online.
- Doesn’t offer home equity loans or lines of credit.
at New American Funding
at New American Funding
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
- Mortgage rates offered to borrowers are higher than the government-reported median of all lenders.
Last updated on January 22, 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 Maryland DHCD Mortgage Lenders of 2021
- PrimeLending: Best for expanded loan products and services
- HomeBridge: Best for expanded loan products and services
- Guaranteed Rate: Best for online and mobile capabilities + customer service
- Fairway Independent Mortgage: Best for online and mobile capabilities
- SunTrust (Truist): Best for borrowers with fair credit
- BB&T (Truist): Best for borrowers with fair credit
- loanDepot: Best for customer service
- Caliber: Best for government mortgages
- New American Funding: Best for government mortgages
