BEST OF

7 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.

NerdWallet
Jan 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

Best MSHDA Housing Lenders

Flagstar
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Flagstar: NMLS#417490

5.0

NerdWallet rating 
Flagstar

Min. credit score

620

Min. down payment

3%
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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.

  • Offers customized online rate quotes with monthly payment estimates, including mortgage insurance, when applicable.

Cons

  • Home equity lending is geographically limited.

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Caliber
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Caliber: NMLS#15622

4.0

NerdWallet rating 
Caliber

Min. credit score

620

Min. down payment

3%
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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.

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PrimeLending
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PrimeLending: NMLS#13649

3.5

NerdWallet rating 
PrimeLending

Min. credit score

620

Min. down payment

3%
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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.

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loanDepot
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loanDepot: NMLS#174457

3.5

NerdWallet rating 
loanDepot

Min. credit score

620

Min. down payment

5%
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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 affiliated loan stores 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.

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Fairway Independent Mortgage
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at Fairway Independent Mortgage

Fairway Independent Mortgage: NMLS#2289

3.5

NerdWallet rating 
Fairway Independent Mortgage

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.

  • Origination fees are on the high side and are not offset by low rates, according to the latest data.

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US Bank
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US Bank: NMLS#402761

4.5

NerdWallet rating 
US Bank

Min. credit score

620

Min. down payment

3%
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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.

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PNC
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at PNC

PNC: NMLS#446303

4.5

NerdWallet rating 
PNC

Min. credit score

620

Min. down payment

3%
Learn more

at PNC

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

  • 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.

More from NerdWallet

See more Michigan mortgage lenders

Calculate your mortgage payment

Browse Michigan mortgage rates

Last updated on January 26, 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 MSHDA Housing Lenders of 2021