10 Best Nonbank Mortgage Lenders of 2022
See NerdWallet's picks for the best nonbank mortgage lenders of 2022 across different categories.
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Gone are the days when buying a home meant getting dressed up to visit the loan officer at your local bank.
Nonbank lenders provide a welcome alternative to traditional banks, especially for credit-challenged borrowers or those looking for a more streamlined mortgage experience.
NerdWallet picked some of the best nonbank mortgage lenders in a variety of categories so you can determine which one is right for you.
Gone are the days when buying a home meant getting dressed up to visit the loan officer at your local bank.
Nonbank lenders provide a welcome alternative to traditional banks, especially for credit-challenged borrowers or those looking for a more streamlined mortgage experience.
NerdWallet picked some of the best nonbank mortgage lenders in a variety of categories so you can determine which one is right for you.
Best Nonbank Mortgage Lenders
Lender | NerdWallet Rating | Min. credit score | Min. down payment | Learn More |
---|---|---|---|---|
New American Funding: NMLS#6606 Learn more at New American Funding | Best for nontraditional credit histories | 620 | 3% | Learn more at New American Funding |
![]() Watermark Home Loans: NMLS#1838 Learn more at Watermark Home Loans | Best for refinancing | 620 | 3% | Learn more at Watermark Home Loans |
![]() Veterans United: NMLS#1907 Learn more at Veterans United | Best for VA loans | 620 | 0% | Learn more at Veterans United |
![]() Reali Loans: NMLS#991397 Learn more at Reali Loans | Best for digital convenience | 620 | 5% | Learn more at Reali Loans |
![]() Pennymac: NMLS#35953 Learn more at Pennymac | Best for FHA loans | 620 | 3% | Learn more at Pennymac |
![]() Network Capital: NMLS#11712 Learn more at Network Capital | Best for variety of loan types | 620 | 3% | Learn more at Network Capital |
![]() Better: NMLS#330511 Learn more at Better | Best for refinancing | 620 | 3% | Learn more at Better |
![]() Guaranteed Rate: NMLS#2611 Learn more at Guaranteed Rate | Best for digital convenience | 620 | 3% | Learn more at Guaranteed Rate |
![]() LenderFI: NMLS#133056 | Best for overall mortgage experience | 620 | 3% | Read review |
![]() Carrington: NMLS#2600 | Best for first-time home buyers | 620 | 3% | Read review |
at New American Funding
New American Funding: NMLS#6606
Min. credit score
620Min. down payment
3%at New American Funding

at Watermark Home Loans
Watermark Home Loans: NMLS#1838

Min. credit score
620Min. down payment
3%at Watermark Home Loans

at Veterans United
Veterans United: NMLS#1907

Min. credit score
620Min. down payment
0%at Veterans United
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at Reali Loans
Reali Loans: NMLS#991397
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Min. credit score
620Min. down payment
5%at Reali Loans

at Pennymac
Pennymac: NMLS#35953

Min. credit score
620Min. down payment
3%at Pennymac

at Network Capital
Network Capital: NMLS#11712

Min. credit score
620Min. down payment
3%at Network Capital

at Guaranteed Rate
Guaranteed Rate: NMLS#2611

Min. credit score
620Min. down payment
3%at Guaranteed Rate
LenderFI: NMLS#133056

Min. credit score
620Min. down payment
3%Carrington: NMLS#2600

Min. credit score
620Min. down payment
3%Last updated on April 4, 2022
Methodology
The star ratings on this page reflect each lender's overall star ratings. Read more about how we determine those ratings.
The lenders on this page are chosen using this methodology:
NerdWallet reviewed nearly 60 mortgage lenders, including the majority of the largest U.S. mortgage lenders by annual loan volume (lenders had to have at least a 1% market share), lenders with significant online search volume and those that specialize in serving various audiences across the country.
For inclusion on this roundup, nonbank lenders must score a 4.5 or above according to our overall methodology.
NerdWallet solicits information from reviewed lenders on a recurring basis throughout the year. All lender-provided information is verified through lender websites and interviews. We also utilized 2020 HMDA data for origination volume, origination fee, rate spread and share-of-product data.
To recap our selections...
NerdWallet's Best Nonbank Mortgage Lenders of 2022
- New American Funding: Best for nontraditional credit histories
- Watermark Home Loans: Best for refinancing
- Veterans United: Best for VA loans
- Reali Loans: Best for digital convenience
- Pennymac: Best for FHA loans
- Network Capital: Best for variety of loan types
- Better: Best for refinancing
- Guaranteed Rate: Best for digital convenience
- LenderFI: Best for overall mortgage experience
- Carrington: Best for first-time home buyers