BEST OF

8 Best MSHDA Housing Lenders of 2021

The Michigan State Housing Development Authority, or MSHDA, offers mortgages and down payment assistance. Here are some Michigan lenders that can help you use an MSHDA loan to buy a house.

NerdWalletJan 26, 2021

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Whether you’re a first-time home buyer, or a repeat buyer looking to upgrade, MSHDA home loans and down payment assistance can provide a financial boost toward your goal. The first step? Finding a Michigan mortgage lender that participates in MSHDA housing programs.

NerdWallet has reviewed several MSHDA lenders and selected some top choices for a variety of borrower needs. We’ve also listed a few local lenders that aren’t rated by NerdWallet but close a high volume of home loans in Michigan.

» MORE: Explore MSHDA loan programs and eligibility requirements

Whether you’re a first-time home buyer, or a repeat buyer looking to upgrade, MSHDA home loans and down payment assistance can provide a financial boost toward your goal. The first step? Finding a Michigan mortgage lender that participates in MSHDA housing programs.

NerdWallet has reviewed several MSHDA lenders and selected some top choices for a variety of borrower needs. We’ve also listed a few local lenders that aren’t rated by NerdWallet but close a high volume of home loans in Michigan.

» MORE: Explore MSHDA loan programs and eligibility requirements

Summary of Best MSHDA Housing Lenders of 2021

Lender	NerdWallet Rating	Min. Credit Score	Min. Down Payment	Learn More
Flagstar: NMLS#417490 Read review	5.0/5 Best for first-time home buyers	620	3%	Read review
Caliber: NMLS#15622 Read review	3.5/5 Best for first-time home buyers	620	3%	Read review
PrimeLending: NMLS#13649 Read review	3.5/5 Best for buying a fixer-upper	620	3%	Read review
loanDepot: NMLS#174457 Learn more at loanDepot	3.5/5 Best for buying a fixer-upper	620	5%	Learn more at loanDepot
Northpointe: NMLS#447490 Learn more at Northpointe	5.0/5 Best for low-down-payment loans	620	3%	Learn more at Northpointe
Fairway Independent Mortgage: NMLS#2289 Learn more at Fairway Independent Mortgage	4.0/5 Best for online lenders	620	3%	Learn more at Fairway Independent Mortgage
US Bank: NMLS#402761 Read review	5.0/5 Best for loan variety	620	3%	Read review
PNC: NMLS#446303 Read review	4.5/5 Best for borrowers with limited credit history	620	3%	Read review

Read review

Flagstar: NMLS#417490

5.0

NerdWallet rating

Min. Credit Score

620

Min. Down Payment

3%

Read review

Why we like it

Good for: borrowers who want a wide range of choices — not only among mortgage products, but also in the channel they prefer, whether a branch, online or on the phone.

Pros

Offers a wide range of loan types and products, including FHA, VA and USDA.
Has a full suite of online conveniences.
Does well with rate transparency, and monthly payment estimates add mortgage insurance, when applicable.

Cons

Home equity lending is geographically limited.

Read Full Review

Read review

Caliber: NMLS#15622

3.5

NerdWallet rating

Min. Credit Score

620

Min. Down Payment

3%

Read review

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 home buyer programs.

Cons

No mortgage rates displayed online.
Doesn’t offer home equity loans or lines of credit.

Read Full Review

Read review

PrimeLending: NMLS#13649

3.5

NerdWallet rating

Min. Credit Score

620

Min. Down Payment

3%

Read review

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

Learn more

at loanDepot

loanDepot: NMLS#174457

3.5

NerdWallet rating

Min. Credit Score

620

Min. Down Payment

5%

Learn more

at loanDepot

Why we like it

Good for: borrowers looking to refinance or who want to start the application process online.

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.

Read Full Review

Learn more

at Northpointe

Northpointe: NMLS#447490

5.0

NerdWallet rating

Min. Credit Score

620

Min. Down Payment

3%

Learn more

at Northpointe

Why we like it

Northpointe Bank offers rate-shopping convenience and plenty of loan options, including 100% financing. A web tool enhances the lender's online capabilities.

Pros

A full slate of loan offerings.
Offers a no-down-payment loan with shorter repayment terms that helps accelerate home equity accumulation.
Serves all 50 states plus the District of Columbia.
A web app provides a number of customer conveniences.

Cons

Doesn't offer construction loans at this time.

Read Full Review

Learn more

at Fairway Independent Mortgage

Fairway Independent Mortgage: NMLS#2289

4.0

NerdWallet rating

Min. Credit Score

620

Min. Down Payment

3%

Learn more

at Fairway Independent Mortgage

Why we like it

Good for: borrowers who want access to a wide variety of mortgages and the convenience of a comprehensive mobile application process.

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.

Read Full Review

Read review

US Bank: NMLS#402761

5.0

NerdWallet rating

Min. Credit Score

620

Min. Down Payment

3%

Read review

Why we like it

U.S. Bank gets high marks for its loan offerings and online customer conveniences — and has competitive fees and mortgage rates.

Pros

Offers a full line of conventional and government loan products.
Provides home equity loans and lines of credit.
Allows borrowers to apply and track their loan's progress online.

Cons

No personalized mortgage rates available online.
Published mortgage rates assume an above-average credit score.

Read Full Review

Read review

PNC: NMLS#446303

4.5

NerdWallet rating

Min. Credit Score

620

Min. Down Payment

3%

Read review

Why we like it

Good for: borrowers with low-to-moderate incomes or limited down payments. PNC offers several low-down-payment loans, including one with no mortgage insurance.

Pros

Posts current mortgage rates on its website.
Has an online application for mortgage preapproval and a digital tool to track application progress.
Offers several affordable loan options, including FHA, VA, USDA and the PNC Community Loan.

Cons

Can't complete a full mortgage application online.
Doesn't offer renovation mortgages.
In-person service is not available in every state.

Read Full Review

More MSHDA participating mortgage lenders

These MSHDA lenders are among the highest-volume mortgage providers in Michigan; however, they haven’t been reviewed by NerdWallet.

Lake Michigan Credit Union

Offers to match competitors or provide a $300 closing cost credit.
Provides customized rate quotes with no personal info required.
Has an online application, appointment scheduling and live chat.
Has multiple mortgage-only offices and dozens of branches throughout Michigan.

Huntington National Bank

Offers a wide variety of traditional and specialty mortgages.
Requires personal information for a custom rate quote.
Participates in the Detroit Home Mortgage program.
Has around 10 branch locations in northern Michigan.

Mortgage 1

Says it has been MSHDA’s top lender since 2014.
Offers a fast digital application experience.
Doesn’t publish mortgage rates on website.
Has around 20 branch locations in Michigan.

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 MSHDA Housing Lenders of 2021

Flagstar: Best for first-time home buyers
Caliber: Best for first-time home buyers
PrimeLending: Best for buying a fixer-upper
loanDepot: Best for buying a fixer-upper
Northpointe: Best for low-down-payment loans
Fairway Independent Mortgage: Best for online lenders
US Bank: Best for loan variety
PNC: Best for borrowers with limited credit history