Best of
Best PHFA Mortgage Lenders of 2019
NerdWalletJuly 2, 2019
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The Pennsylvania Housing Finance Agency — the PHFA — provides affordable housing to first-time and other buyers. Here are some top-rated participating lenders.
at JG Wentworth
4.0
NerdWallet ratingat JG Wentworth
Min. Credit Score
600
Min. Down Payment
3%
Ideal for borrowers looking for a wide variety of mortgage types and products, including fixed-rate home loans with terms of from 10 to 30 years, adjustable-rate products with 3/1, 5/1, 7/1 and 10/1 terms in addition to expertise with VA and low-to-moderate income lending.
Pros
- Wide variety of terms, including 10-, 15-, 20-, 25- and 30- year fixed-rate mortgages and ARMs with 3/1, 5/1, 7/1 and 10/1 terms.
- Offers Fannie Mae and Freddie Mac programs for low- to moderate-income home buyers.
- VA lending is one-third of J.G. Wentworth’s business. A number of loan officers and other employees are former service members.
- Focus on automation includes an entire online loan application process, digital document uploads, loan tracking and signatures as well as pre-qualification letters by email.
- Licensed in all states except for Hawaii, Missouri, Montana, Nevada and New York.
Cons
- Does not offer home equity loans or lines of credit.
- Physical locations in 14 states only.
- Not licensed in Hawaii, Missouri, Montana, Nevada or New York.
at loanDepot
at loanDepot
Min. Credit Score
620
Min. Down Payment
3.5%
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.
Min. Credit Score
620
Min. Down Payment
3%
Ideal for borrowers in the Southeast who want face-to-face service at one of more than 2,000 financial centers.
Pros
- Considers alternative credit history on certain loans.
- Offers construction loans to build a home or make significant renovations to an existing home.
- Flexible borrowing and payment options for home equity loans and lines of credit.
- Full suite of online capabilities.
Cons
- Available mostly in the Southeast; not available nationwide.
- Creating an account is mandatory if you want to apply online.
National / Regional
National
Min. Down Payment
3%
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.
Min. Credit Score
620
Min. Down Payment
3%
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.
Min. Credit Score
550
Min. Down Payment
3%
Ideal for borrowers who prefer an online experience. Homebridge offers a variety of home loan options and an online application.
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.
Min. Credit Score
620
Min. Down Payment
3%
Ideal for borrowers looking for help with closing costs: PrimeLending's proprietary program, NeighborhoodEdge, helps qualified low- to moderate-income borrowers with up to $2,000 in closing cost credits (certain restrictions are based on income and location).
Pros
- Low rate of consumer complaints filed with the Consumer Financial Protection Bureau.
- Request a pre-qualification through PrimeLending’s secure system from a phone, tablet or computer.
- Niche mortgage products include energy-efficient mortgages, FHA 203(k) renovation and remodeling loans, manufactured home mortgages and home construction loans.
- Free “float down” interest rate option lets borrowers choose the lower rate if interest rates fall, even with a rate lock.
- NeighborhoodEdge closing cost assistance program for low- to moderate-income borrowers allows qualified borrowers $2,000 in closing cost credits (restrictions on income and location).
- “Alternative doc” program lets borrowers qualify for mortgage based on bank statements rather than tax returns.
Cons
- No live chat online.
- No online mortgage rate quotes.
Summary of Best PHFA Mortgage Lenders of 2019
| Lender | Best For | Minimum Credit Score | Minimum Down Payment | Learn More |
|---|---|---|---|---|
J.G. Wentworth NerdWallet rating at JG Wentworth | a nonbank lender & borrowers with tight finances | 600 | 3% | at JG Wentworth |
loanDepot at loanDepot | a nonbank lender | 620 | 3.5% | at loanDepot |
 BB&T | online capabilities | 620 | 3% | Read review |
 Fairway | online capabilities | N/A | 3% | Read review |
 Guaranteed Rate | customer service | 620 | 3% | Read review |
 HomeBridge | customer service | 550 | 3% | Read review |
 PrimeLending | borrowers with tight finances | 620 | 3% | Read review |
| Lender | Best For | Minimum Credit Score | Minimum Down Payment | Learn More |
|---|---|---|---|---|
J.G. Wentworth NerdWallet rating at JG Wentworth | a nonbank lender & borrowers with tight finances | 600 | 3% | at JG Wentworth |
loanDepot at loanDepot | a nonbank lender | 620 | 3.5% | at loanDepot |
BB&T | online capabilities | 620 | 3% | Read review |
Fairway | online capabilities | N/A | 3% | Read review |
Guaranteed Rate | customer service | 620 | 3% | Read review |
HomeBridge | customer service | 550 | 3% | Read review |
PrimeLending | borrowers with tight finances | 620 | 3% | Read review |
More PHFA participating mortgage lenders
These are among the highest-volume PHFA-participating mortgage makers in Pennsylvania; however, they haven't been reviewed by NerdWallet.
Trident Mortgage Company
- Based in Devon, Pennsylvania, and serving the Delaware Valley since 1886.
- Offers all government-backed mortgages.
- Get pre-qualified in only a few minutes.
Citizens Bank
- Earn an interest rate discount when you set up automatic monthly payments from your Citizens Bank checking account.
- A dedicated loan officer guides you through the homebuying process.
- Secure document exchange speeds the loan process.
GMH Mortgage Services
- Headquartered in Conshohocken, Pennsylvania, and a top 10 mortgage producer in the state, based on loan volume.
- Loan officers are familiar with and guide you through the PHFA process.
- Offers VA, FHA and USDA loans.
First National Bank of Pennsylvania
- Monitor and manage the loan process through a secure client portal.
- Qualifying for a loan can begin with an online application that takes just 20 minutes to complete.
- Based in Pittsburgh but with loan officers throughout the state.
More from NerdWallet
How much house can you afford?
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 PHFA Mortgage Lenders of 2019
- : Best for a nonbank lender & borrowers with tight finances
- loanDepot: Best for a nonbank lender
- BB&T: Best for online capabilities
- Fairway: Best for online capabilities
- Guaranteed Rate: Best for customer service
- HomeBridge: Best for customer service
- PrimeLending: Best for borrowers with tight finances
