8 Best MSHDA Housing Lenders of 2020

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 2020

Lender	Best For	Minimum Credit Score	Minimum Down Payment	Learn More
Flagstar NerdWallet rating Read review	first-time home buyers	620	3%	Read review
Caliber NerdWallet rating Read review	first-time home buyers	620	3%	Read review
PrimeLending NerdWallet rating Read review	buying a fixer-upper	620	3%	Read review
loanDepot NerdWallet rating Read review	buying a fixer-upper	620	3.5%	Read review
Guaranteed Rate NerdWallet rating Read review	online lenders	620	3%	Read review
Fairway Independent Mortgage NerdWallet rating Learn More at Fairway	online lenders	N/A	3%	Learn More at Fairway
Churchill NerdWallet rating Read review	borrowers with limited credit history	620	3%	Read review
PNC NerdWallet rating Read review	borrowers with limited credit history	620	3%	Read review

Read review

Flagstar: NMLS#417490

4.5

NerdWallet rating

Min. Credit Score

620

Min. Down Payment

3%

Read review

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.

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.

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Caliber: NMLS#15622

4.0

NerdWallet rating

Min. Credit Score

620

Min. Down Payment

3%

Read review

Why we like it

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

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.

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PrimeLending: NMLS#13649

4.0

NerdWallet rating

Min. Credit Score

620

Min. Down Payment

3%

Read review

Why we like it

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

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.

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loanDepot: NMLS#174457

4.0

NerdWallet rating

Min. Credit Score

620

Min. Down Payment

3.5%

Read review

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.
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.

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Guaranteed Rate: NMLS#2611

4.5

NerdWallet rating

Min. Credit Score

620

Min. Down Payment

3%

Read review

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.

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.

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Learn More

at Fairway

Fairway Independent Mortgage: NMLS#2289

4.0

NerdWallet rating

National / Regional

National

Min. Down Payment

3%

Learn More

at Fairway

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.

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

Read review

Churchill: NMLS#1591

3.5

NerdWallet rating

Min. Credit Score

620

Min. Down Payment

3%

Read review

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.

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."

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PNC: NMLS#446303

4.0

NerdWallet rating

Min. Credit Score

620

Min. Down Payment

3%

Read review

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.

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

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Last updated on January 2, 2020

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 2020

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
Guaranteed Rate: Best for online lenders
Fairway Independent Mortgage: Best for online lenders
Churchill: Best for borrowers with limited credit history
PNC: Best for borrowers with limited credit history

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