Best of

Best Minnesota Housing Finance Agency Lenders of 2019

NerdWalletJuly 22, 2019

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These mortgage lenders rank among the top participants in Minnesota Housing Finance Agency loan programs.

Summary of Best Minnesota Housing Finance Agency Lenders of 2019

LenderBest For

Minimum Credit Score

Minimum Down PaymentLearn More
New American Funding

New American Funding

at New American

buyers with nontraditional credit

620

3%

at New American

Fairway

Fairway

face-to-face service

N/A

3%

Read review
Wells Fargo

Wells Fargo

face-to-face service

620

3%

Read review
loanDepot

loanDepot

at loanDepot

FHA loans

620

3.5%

at loanDepot

PrimeLending

PrimeLending

FHA loans

620

3%

Read review
Caliber

Caliber

VA loans

620

3%

Read review
BNC National Bank

BNC National Bank

at BNC National Bank

VA loans

620

3%

at BNC National Bank

Guaranteed Rate

Guaranteed Rate

online lending

620

3%

Read review
LenderBest For

Minimum Credit Score

Minimum Down PaymentLearn More
New American Funding

New American Funding

at New American

buyers with nontraditional credit

620

3%

at New American

Fairway

Fairway

face-to-face service

N/A

3%

Read review
Wells Fargo

Wells Fargo

face-to-face service

620

3%

Read review
loanDepot

loanDepot

at loanDepot

FHA loans

620

3.5%

at loanDepot

PrimeLending

PrimeLending

FHA loans

620

3%

Read review
Caliber

Caliber

VA loans

620

3%

Read review
BNC National Bank

BNC National Bank

at BNC National Bank

VA loans

620

3%

at BNC National Bank

Guaranteed Rate

Guaranteed Rate

online lending

620

3%

Read review
Logo

at New American

New American Funding

Logo
Min. Credit Score 
620 

Min. Down Payment 
3% 

at New American


Why we like it

Ideal for borrowers who need to be evaluated on the basis of nontraditional credit. New American Funding offers FHA and VA loans, works with down payment assistance programs, and helps borrowers whose credit histories don't fit the mold of traditional banking.

Rating and Review

Pros

  • Uses manual underwriting to evaluate creditworthiness.

  • Offers full online mortgage application, rate quotes, document upload and loan tracking.

  • Home equity lending sets it apart from most non-bank lenders.

Cons

  • Services not available in all 50 states.

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

Wells Fargo

Logo
Min. Credit Score 
620 

Min. Down Payment 
3% 


Why we like it

Ideal for borrowers looking for a national lender with a complete selection of mortgage products for home buyers in all financial stages.

Rating and Review

Pros

  • Loan programs to educate and assist first-time home buyers, union members and others.

  • Relocation and employee mortgage programs for many large companies.

  • Accepts down payments as low as 3% on fixed-rate mortgages through its yourFirst Mortgage program.

Cons

  • Government actions and scandals have damaged consumer trust.

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

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

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
Logo

at BNC National Bank

BNC National Bank

Logo
Min. Credit Score 
620 

Min. Down Payment 
3% 

at BNC National Bank


Why we like it

Ideal for military members and others who want low-down-payment loan options.

Rating and Review

Pros

  • Loan officers are well-versed in VA loan process.

  • Low minimum credit score for government loans.

  • Down payments as low as 3% on conventional loans.

  • Considers alternative credit data, like cell phone payments.

Cons

  • No online preapproval.

  • Typically charges a $1,095 lender fee.

  • Limited number of physical mortgage offices.

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

More MHFA participating lenders

Here are some additional lenders that participate in Minnesota Housing Finance Agency programs. While they haven’t been reviewed by NerdWallet, they are among the highest volume mortgage originators in Minnesota.

Bell Bank

  • Touts a "free and easy pre-qualification process."
  • Has plentiful branches in the Twin Cities and west central Minnesota.
  • Offers an online application.

AMEC Home Loans

  • Provides a closing guarantee worth up to $10,000 to the buyer and seller if AMEC does not close the loan.
  • Has more than 20 branches in Minnesota.
  • Offers several loan types, including conforming, FHA, VA and USDA.

Alerus Mortgage

  • Promises $20,000 to the home seller if a loan doesn't close according to the terms of the approval letter.
  • Provides online tracking of the mortgage application.
  • Has mortgage loan officers available in five Minnesota cities.

HomeServices Lending

  • Has an online application.
  • Offers no- and low-down-payment mortgage options, such as FHA and VA loans.
  • Promises borrowers a $100 gift card for comparing a competitor's loan offer with a HomeServices pre-approval letter.

More from NerdWallet:

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 Minnesota Housing Finance Agency Lenders of 2019