Best of

Best MSHDA Housing Lenders of 2019

NerdWalletJuly 22, 2019

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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.

Summary of Best MSHDA Housing Lenders of 2019

LenderBest For

Minimum Credit Score

Minimum Down PaymentLearn More
Flagstar

Flagstar

first-time home buyers

620

3%

Read review
Caliber

Caliber

first-time home buyers

620

3%

Read review
PrimeLending

PrimeLending

buying a fixer-upper

620

3%

Read review
loanDepot

loanDepot

at loanDepot

buying a fixer-upper

620

3.5%

at loanDepot

Guaranteed Rate

Guaranteed Rate

online lenders

620

3%

Read review
Fairway

Fairway

online lenders

N/A

3%

Read review
Churchill

Churchill

borrowers with limited credit history

620

3%

Read review
PNC

PNC

borrowers with limited credit history

620

3%

Read review
LenderBest For

Minimum Credit Score

Minimum Down PaymentLearn More
Flagstar

Flagstar

first-time home buyers

620

3%

Read review
Caliber

Caliber

first-time home buyers

620

3%

Read review
PrimeLending

PrimeLending

buying a fixer-upper

620

3%

Read review
loanDepot

loanDepot

at loanDepot

buying a fixer-upper

620

3.5%

at loanDepot

Guaranteed Rate

Guaranteed Rate

online lenders

620

3%

Read review
Fairway

Fairway

online lenders

N/A

3%

Read review
Churchill

Churchill

borrowers with limited credit history

620

3%

Read review
PNC

PNC

borrowers with limited credit history

620

3%

Read review

Flagstar

Logo
Min. Credit Score 
620 

Min. Down Payment 
3% 


Why we like it

Ideal for those who appreciate the full-service experience of a leading regional bank. Flagstar offers a full menu of fixed and adjustable home loans and mortgage refinancing, as well as jumbo loans and home equity financing.

Rating and Review

Pros

  • Embraces FHA-backed home loans.

  • Offers several types of construction and renovation mortgages.

  • A professional loan package is tailored for the needs of doctors, lawyers, nurse practitioners, airline pilots and certified public accountants.

  • Flagstar reps are familiar with low-down-payment state bond programs for first-time home buyers and income-limited households, as well as the areas that qualify for USDA loans.

  • Offers home equity loans and home equity lines of credit.

Cons

  • Charges an average $1,295 in underwriting and processing fees.

Read Full Review

Caliber

Logo
Min. Credit Score 
620 

Min. Down Payment 
3% 


Why we like it

Ideal for first-time home buyers, veterans and those who may have credit challenges to overcome.

Rating and Review

Pros

  • Participates in some state 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.

Read Full Review

PrimeLending

Logo
Min. Credit Score 
620 

Min. Down Payment 
3% 


Why we like it

Ideal for borrowers with past credit issues and those looking for down payment and closing cost assistance programs.

Rating and Review

Pros

  • Low rate of consumer complaints filed with the Consumer Financial Protection Bureau.

  • Offers a "float-down" interest rate lock.

  • Offers a proprietary closing-cost assistance program.

Cons

  • No online mortgage rates.

  • Charges an origination fee.

  • Doesn't offer home equity products.

Read Full Review
Logo

at loanDepot

loanDepot

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.

Rating and Review

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

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 are well-qualified.

Rating and Review

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.

Read Full Review

Fairway

Logo
National / Regional 
National 

Min. Down Payment 
3% 


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.

Rating and Review

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

Churchill

Logo
Min. Credit Score 
620 

Min. Down Payment 
3% 


Why we like it

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.

Rating and Review

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."

Read Full Review
Min. Credit Score 
620 

Min. Down Payment 
3% 


Why we like it

Ideal for borrowers with low to moderate incomes or limited down payments. PNC offers a low-down-payment loan with no mortgage insurance.

Rating and Review

Pros

  • Considers nontraditional credit history like rent payments.

  • Online tools help you estimate mortgage payments and track application progress.

  • Several affordable loan options including FHA, VA, USDA and the PNC Community Loan.

Cons

  • It's not possible to complete the entire mortgage process online.

  • Offers mortgage loans nationwide, but has branches in only about two dozen states.

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.

Chemical Bank

  • Offers many mortgage options, including some specialty loans.
  • Participates in the Detroit Home Mortgage program.
  • Doesn’t publish mortgage rates online.
  • Has over 200 locations in 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.

More from NerdWallet

See more Michigan mortgage lenders

Calculate your mortgage payment

Browse Michigan mortgage rates

Last updated on July 22, 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 MSHDA Housing Lenders of 2019