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4 Best NJHMFA Mortgage Lenders of 2020

NerdWalletJanuary 2, 2020

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The NJHMFA helps first-time home buyers in New Jersey by offering substantial financial assistance. NerdWallet has done the research to surface some highly rated participating lenders.

The New Jersey Housing and Mortgage Finance Agency helps first-time home buyers make one of the biggest moves in their lives with substantial financial assistance. NJHMFA programs include down payment and closing costs assistance with forgivable loans — and that’s just about the closest you can get to free money.

Participating lenders will talk you through the qualification details and get your loan application underway. But rather than having you wade through the list of over 40 NJHMFA-approved lenders yourself to find the right one, NerdWallet has identified the highest-rated participating lenders we’ve reviewed, as well as some of the most popular mortgage lenders in the state.

The lenders shown in the table have been reviewed by NerdWallet, and excel at products and services that are among the highest in demand with borrowers.

Summary of Best NJHMFA Mortgage Lenders of 2020

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.

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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.

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at Guaranteed Rate

Guaranteed Rate: NMLS#2611

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Min. Credit Score

620

Min. Down Payment

3%

at Guaranteed Rate


Why we like it

Good for borrowers seeking conventional or government-backed loans, and a totally online experience.

Pros

  • Offers the ability to securely upload and digitally sign loan documents.

  • Displays detailed sample rates for many of its loan products.

Cons

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

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at loanDepot

loanDepot: NMLS#174457

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Min. Credit Score

620

Min. Down Payment

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.

Pros

  • Offers digital income, asset and employment verification.

  • Offers multiple renovation loan options.

  • Has over 200 affiliated loan stores nationwide 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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More NJHMFA participating mortgage lenders

These lenders are among the highest-volume NJHMFA participating mortgage makers in New Jersey. The lenders have not been reviewed by NerdWallet.

  • Founded in the Short Hills-Millburn area, with 90 years of service to New Jersey and New York.

  • Offers mortgages wherever there is a branch presence and has over 150 branch locations.

  • Also offers co-op mortgages.

  • Offers government-backed loans, such as VA, USDA and FHA.

  • An FHA 203(k) loan offers financing for the purchase and improvement of a fixer-upper.

  • The application process can begin online.

  • A mobile app connects you with your Realtor and loan officer — and reminds you of important dates.

  • You can pre-qualify or complete an application online.

  • Specializes in rural loans and a recent winner of the USDA Rural Development Lender of the Year award.

  • Founded in 1927 and headquartered in Wayne, New Jersey.

  • Offers educational resources to assist first-time home buyers.

  • Construction loans feature one closing at the beginning of construction.

More from NerdWallet

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 NJHMFA Mortgage Lenders of 2020