8 Best Minnesota Housing Finance Agency Lenders of 2020

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

Summary of Best Minnesota Housing Finance Agency Lenders of 2020

Lender	Best For	Minimum Credit Score	Minimum Down Payment	National/Regional	Learn More
New American Funding NerdWallet rating Read review	buyers with nontraditional credit	620	3%	National	Read review
Fairway Independent Mortgage NerdWallet rating Learn More at Fairway	face-to-face service	N/A	3%	National	Learn More at Fairway
Wells Fargo NerdWallet rating Read review	face-to-face service	620	3%	N/A	Read review
loanDepot NerdWallet rating Read review	FHA loans	620	3.5%	National	Read review
PrimeLending NerdWallet rating Read review	FHA loans	620	3%	National	Read review
Caliber NerdWallet rating Read review	VA loans	620	3%	National	Read review
BNC National Bank NerdWallet rating Learn more at BNC National Bank	VA loans	620	3%	N/A	Learn more at BNC National Bank
Guaranteed Rate NerdWallet rating Read review	online lending	620	3%	National	Read review

Read review

New American Funding: NMLS#6606

4.5

NerdWallet rating

Min. Credit Score

620

Min. Down Payment

3%

National / Regional

National

Read review

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.

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

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

Wells Fargo: NMLS#399801

4.0

NerdWallet rating

Min. Credit Score

620

Min. Down Payment

3%

Read review

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.

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

Read review

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.

Read Full Review

Read review

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.

Read Full Review

Read review

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.

Read Full Review

Learn more

at BNC National Bank

BNC National Bank: NMLS#418467

4.5

NerdWallet rating

Min. Credit Score

620

Min. Down Payment

3%

Learn more

at BNC National Bank

Why we like it

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

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

Read review

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.

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 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 Minnesota Housing Finance Agency Lenders of 2020

New American Funding: Best for buyers with nontraditional credit
Fairway Independent Mortgage: Best for face-to-face service
Wells Fargo: Best for face-to-face service
loanDepot: Best for FHA loans
PrimeLending: Best for FHA loans
Caliber: Best for VA loans
BNC National Bank: Best for VA loans
Guaranteed Rate: Best for online lending

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