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10 Best NCHFA Mortgage Lenders of 2020

NerdWalletJanuary 2, 2020

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The North Carolina Housing Finance Agency provides mortgage and assistance programs to would-be home buyers. See our top picks for NCHFA lenders.

The North Carolina Housing Finance Agency, or NCHFA, offers mortgage products and home buyer programs to make homeownership more affordable in the Tar Heel State.

NCHFA loans and assistance are offered through a statewide network of participating lenders, but it’s up to you to select the one you’ll work with. Not sure how to choose? We can help.

To narrow your search, NerdWallet reviewed some NCHFA participating lenders, identifying the best ones across several categories. Compare the lenders below to get started.

Summary of Best NCHFA Mortgage Lenders of 2020

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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

Guild Mortgage: NMLS#3274

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Min. Credit Score

620

Min. Down Payment

3%


Why we like it

Good for: first-time home buyers and others who may need the flexibility of a low-down-payment loan program.

Pros

  • Offers multiple online conveniences, including a full mortgage application, e-signatures and digital loan process tracking.

  • Offers a wide variety of loan products, including home improvement and manufactured home loans.

Cons

  • Does not offer home equity loan products.

  • Average interest rates and fees are higher than other lenders.

Read Full Review

SunTrust: NMLS#2915

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Min. Credit Score

620

Min. Down Payment

3%


Why we like it

Good for: first-time home buyers, doctors and other borrowers interested in low-down-payment mortgage options.

Pros

  • Offers a wide variety of loan options, including special programs for doctors, entrepreneurs and other professionals.

  • Offers a complete suite of online mortgage application tools and loan tracking.

  • Sample rates and fees are easy to find on the website.

Cons

  • Customized rates aren't available online without starting an application.

  • Branches are limited mostly to the Southeast.

Read Full Review
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at New American

New American Funding: NMLS#6606

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Min. Credit Score

700

Min. Down Payment

3%

National / Regional

National

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.

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.

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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

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

State Employees' Credit Union: NMLS#430055

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National / Regional

Regional

Min. Down Payment

0%


Why we like it

Good for: North Carolina government employees and other eligible borrowers with little saved for a down payment and who can afford to repay a mortgage in 20 years or less.

Pros

  • No private mortgage insurance required, even with a down payment less than 20%.

  • First-time home buyers may borrow up to $400,000 with no down payment required.

  • No fees for applications or credit reports.

  • Offers mortgage credit certificate and down payment assistance programs.

Cons

  • Does not offer 30-year fixed-rate mortgages.

  • Does not have government-backed loan options.

  • Membership eligibility is limited, and loans are only available for properties located in Georgia, North Carolina, South Carolina, Tennessee and Virginia.

  • Does not offer a full online loan application.

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BB&T: NMLS#399803

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Min. Credit Score

620

Min. Down Payment

3%


Why we like it

Good for borrowers in the Southeast who want online tools with the option of face-to-face service. BB&T, now part of Truist Financial Corp., offers a full menu of home loans.

Pros

  • Offers a variety of low-down-payment mortgages as well as construction mortgages.

  • Website lets users estimate rates online by loan and property type, amount and location.

  • Has an online mortgage application.

Cons

  • Branches limited mostly to the Southeast region.

  • Does not offer FHA loans.

Read Full Review

HomeBridge: NMLS#6521

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Min. Credit Score

620

Min. Down Payment

3%


Why we like it

Good for borrowers who want a loan officer's help, in person or on the phone, when deciding among the wide range of available mortgage options — including loans to buy and renovate.

Pros

  • Offers a full array of mortgage products, including government and renovation loans.

  • Has loans for most purposes, including purchase, refinance and jumbo mortgages.

  • Online portal keeps borrowers up-to-date on the loan application's progress.

Cons

  • Doesn't post interest rates on its site.

  • Doesn’t offer home equity loans or lines of credit.

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

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 NCHFA Mortgage Lenders of 2020