Best of

Best Non-Bank Mortgage Lenders of 2019

NerdWalletJuly 2, 2019

At NerdWallet, we strive to help you make financial decisions with confidence. To do this, many or all of the products featured here are from our partners. However, this doesn’t influence our evaluations. Our opinions are our own.

See NerdWallet's picks for the best non-bank mortgage lenders of 2019 across five different categories, including first-time home buyers, low down payments and customer service.

Quicken Loans

at Quicken Loans

Min. Credit Score

620

Min. Down Payment

3%

Pros

  • Quicken Loans couples a fully online application with available mortgage advisors for those who want a human touch.
  • Instantly verifies employment and income for more than 60% of working Americans.
  • Offers custom fixed-rate loan terms that are between eight and 30 years.
  • Provides FHA-backed loans, USDA loans as well as products offered by Freddie Mac and Fannie Mae that require down payments as low as 3%.

Cons

  • Doesn't offer home equity loans or HELOCs.
  • If you’re a “look me in the eye” type of customer, you’re out of luck.
  • Doesn’t consider alternative credit data. It just looks at credit scores and debt-to-income ratios, the way most mortgage lenders always have.
Read full review
Min. Credit Score

620

Min. Down Payment

3%

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.
Read full review
loanDepot

at loanDepot

Min. Credit Score

620

Min. Down Payment

3.5%

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
Reali Loans

at Reali Loans

Min. Credit Score

620

Min. Down Payment

5%

Pros

  • Boasts of closing loans quickly.
  • No upfront origination or broker fees.
  • 24/7 access to your loan and its progress.
  • Transparent platform that automates (and shortens) the refinance process.

Cons

  • Currently operates in a limited number of states.
  • Doesn’t offer USDA government loans.
Read full review
Veterans United

at Veterans United

Min. Credit Score

620

Min. Down Payment

0%

Pros

  • Also offers FHA, USDA and conventional loans.
  • Offers 24/7 customer service.
  • You can complete a loan application and pre-qualify online.
  • Registers a low volume of complaints filed with the Consumer Financial Protection Bureau.
  • Offers free credit score education and assistance.
  • Provides a client advocate team staffed by former senior enlisted leaders from each branch of the armed forces.

Cons

  • Doesn’t offer home equity loans or HELOCs.
  • Loans are available in all 50 states, but Veterans United has offices in only about half.
Read full review
Min. Credit Score

620

Min. Down Payment

3%

Pros

  • Offers an ITIN qualification path for undocumented immigrant borrowers.
  • Has a digital application process.
  • Offers several mortgage options for low- to moderate-income borrowers.
  • Has a full Spanish-language version of its website and bilingual loan officers.
  • Borrowers can qualify with income from self-employment and other nontraditional sources.

Cons

  • No mortgage rates published online.
  • Doesn't lend in all states.
  • No home equity loans or lines of credit.
Read full review
Vylla

at Vylla

Min. Credit Score

620

Min. Down Payment

3%

Pros

  • Low minimum credit score.
  • Online application, loan tracking and document upload.
  • Free rate locks.

Cons

  • No online preapproval.
  • No presence in Massachusetts or North Dakota.
Read full review
Min. Credit Score

620

Min. Down Payment

3%

Pros

  • Considers nontraditional credit history like rent payments.
  • Online tools help you estimate mortgage payments and track application progress.
  • Several affordable loan options including FHA, VA, USDA and the PNC Community Loan.

Cons

  • It's not possible to complete the entire mortgage process online.
  • Offers mortgage loans nationwide, but has branches in only about two dozen states.
Read full review
National / Regional

National

Min. Down Payment

3%

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
Min. Credit Score

620

Min. Down Payment

3%

Pros

  • A wide variety of loan types.
  • Low credit score requirements for government-backed loans.
  • A wealth of educational material on its website.
  • Licensed in all 50 states.

Cons

  • Mortgage application can't be tracked online.
  • Charges origination fees on some loans.
  • Limited branch locations.
Read full review

Summary of Best Non-Bank Mortgage Lenders of 2019

LenderBest For

Minimum Credit Score

Minimum Down PaymentLearn More
Quicken Loans

Quicken Loans

at Quicken Loans

first-time home buyers

620

3%

at Quicken Loans

New American Funding

New American Funding

first-time home buyers

620

3%

Read review
loanDepot

loanDepot

at loanDepot

refinancing

620

3.5%

at loanDepot

Reali Loans

Reali Loans

at Reali Loans

refinancing

620

5%

at Reali Loans

Veterans United

Veterans United

at Veterans United

veterans

620

0%

at Veterans United

Alterra

Alterra

veterans

620

3%

Read review
Vylla

Vylla

at Vylla

low down payment

620

3%

at Vylla

PNC

PNC

low down payment

620

3%

Read review
Fairway

Fairway

customer service

N/A

3%

Read review
HomeBridge

HomeBridge

customer service

620

3%

Read review
LenderBest For

Minimum Credit Score

Minimum Down PaymentLearn More
Quicken Loans

Quicken Loans

at Quicken Loans

first-time home buyers

620

3%

at Quicken Loans

New American Funding

New American Funding

first-time home buyers

620

3%

Read review
loanDepot

loanDepot

at loanDepot

refinancing

620

3.5%

at loanDepot

Reali Loans

Reali Loans

at Reali Loans

refinancing

620

5%

at Reali Loans

Veterans United

Veterans United

at Veterans United

veterans

620

0%

at Veterans United

Alterra

Alterra

veterans

620

3%

Read review
Vylla

Vylla

at Vylla

low down payment

620

3%

at Vylla

PNC

PNC

low down payment

620

3%

Read review
Fairway

Fairway

customer service

N/A

3%

Read review
HomeBridge

HomeBridge

customer service

620

3%

Read review

Last updated on July 2, 2019

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 Non-Bank Mortgage Lenders of 2019