BEST OF
5 Best NJHMFA Mortgage Lenders of 2021
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.
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 2021
| Lender | NerdWallet Rating | Minimum Credit Score | Minimum Down Payment | Learn More |
|---|---|---|---|---|
Best for government loans | 600 | 3.5% | at Guaranteed Rate | |
Best for customer service | 620 | 5% | at loanDepot | |
Best for mobile capabilities | 620 | 3% | at Fairway Independent Mortgage | |
Best for lower credit score borrowers | 620 | 3% | Read review | |
Best for online experience | 620 | 3% | Read review |
at Guaranteed Rate
at Guaranteed Rate
Min. Credit Score
600
Min. Down Payment
3.5%
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.
at loanDepot
at loanDepot
Min. Credit Score
620
Min. Down Payment
5%
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.
at Fairway Independent Mortgage
at Fairway Independent Mortgage
Min. Credit Score
620
Min. Down Payment
3%
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.
Min. Credit Score
620
Min. Down Payment
3%
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 home buyer programs.
Cons
- No mortgage rates displayed online.
- Doesn’t offer home equity loans or lines of credit.
Min. Credit Score
620
Min. Down Payment
3%
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.
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 29, 2021
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 2021
- Guaranteed Rate: Best for government loans
- loanDepot: Best for customer service
- Fairway Independent Mortgage: Best for mobile capabilities
- Caliber: Best for lower credit score borrowers
- HomeBridge: Best for online experience
