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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

LenderNerdWallet Rating Minimum Credit Score Minimum Down PaymentLearn More

Best for borrowers looking to rebuild their credit

620

3%

Read review

Fairway Independent Mortgage

at Fairway

Best for mobile capabilities

620

3%

at Fairway

Guaranteed Rate

Best for government loans

620

3%

Read review

loanDepot

at loanDepot

Best for customer service

620

3.5%

at loanDepot

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
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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

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

Guaranteed Rate: NMLS#2611

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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.

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
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at loanDepot

loanDepot: NMLS#174457

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.

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

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 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 NJHMFA Mortgage Lenders of 2020