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8 Best MSHDA Housing Lenders of 2020

NerdWalletJanuary 2, 2020

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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.

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.

Summary of Best MSHDA Housing Lenders of 2020

Flagstar: NMLS#417490

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Min. Credit Score

620

Min. Down Payment

3%


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

  • Doesn’t offer renovation loans at this time.

  • Home equity lending is geographically limited.

Read Full Review

Caliber: NMLS#15622

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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

PrimeLending: NMLS#13649

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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
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at loanDepot

loanDepot: NMLS#174457

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Min. Credit Score

620

Min. Down Payment

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.

  • 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
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at Guaranteed Rate

Guaranteed Rate: NMLS#2611

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Min. Credit Score

620

Min. Down Payment

3%

at Guaranteed Rate


Why we like it

Good for borrowers seeking conventional or government-backed loans, and a totally online experience.

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.

Read Full Review
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at Fairway

Fairway Independent Mortgage: NMLS#2289

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Min. Credit Score

620

Min. Down Payment

3%

at Fairway


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

Churchill: NMLS#1591

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Min. Credit Score

620

Min. Down Payment

3%


Why we like it

Good for: borrowers who worry about taking on debt. Churchill advocates “debt-free homeownership” and helps customers try to achieve that goal.

Pros

  • Offers loan plans for borrowers without credit scores.

  • Annual mortgage reviews help borrowers stay on track toward the goal of living debt-free.

  • Offers digital conveniences such as document uploads and e-signature.

Cons

  • Doesn't provide information online about rates and fees.

  • Doesn't offer home equity loans or HELOCs.

  • You can’t apply online without first speaking to a loan specialist.

Read Full Review

PNC: NMLS#446303

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Min. Credit Score

620

Min. Down Payment

3%


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.

  • 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.

  • 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.

  • 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.

  • 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

Last updated on January 2, 2020

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 2020