BEST OF

6 Best PHFA Mortgage Lenders of 2021

The Pennsylvania Housing Finance Agency — the PHFA — provides affordable housing to first-time and other buyers. Here are some top-rated participating lenders.

NerdWalletMar 19, 2021

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The Pennsylvania Housing Finance Agency, or PHFA, is a state-affiliated agency created to help provide affordable housing to first-time home buyers, low- and moderate-income families, seniors and others with special housing needs.

To access these programs, you’ll need to work with a participating lender. We researched PHFA’s four-page list of state-approved banks and mortgage companies and compiled a summary of lenders who rank among NerdWallet’s best-rated.

» MORE: Explore PHFA loan programs, lenders, rates and income limits

The Pennsylvania Housing Finance Agency, or PHFA, is a state-affiliated agency created to help provide affordable housing to first-time home buyers, low- and moderate-income families, seniors and others with special housing needs.

To access these programs, you’ll need to work with a participating lender. We researched PHFA’s four-page list of state-approved banks and mortgage companies and compiled a summary of lenders who rank among NerdWallet’s best-rated.

» MORE: Explore PHFA loan programs, lenders, rates and income limits

Summary of Best PHFA Mortgage Lenders of 2021

Lender	NerdWallet Rating	Min. Credit Score	Min. Down Payment	Learn More
New American Funding: NMLS#6606 Learn more at New American Funding	4.5/5 Best for nonbank lender	620	3%	Learn more at New American Funding
Guaranteed Rate: NMLS#2611 Learn more at Guaranteed Rate	5.0/5 Best for customer service	620	3%	Learn more at Guaranteed Rate
loanDepot: NMLS#174457 Learn more at loanDepot	3.5/5 Best for nonbank lender	620	5%	Learn more at loanDepot
Fairway Independent Mortgage: NMLS#2289 Learn more at Fairway Independent Mortgage	4.0/5 Best for online capabilities	620	3%	Learn more at Fairway Independent Mortgage
Homebridge: NMLS#6521 Read review	3.5/5 Best for customer service	620	3%	Read review
PrimeLending: NMLS#13649 Read review	3.5/5 Best for borrowers with tight finances	620	3%	Read review

Learn more

at New American Funding

New American Funding: NMLS#6606

4.5

NerdWallet rating

Min. Credit Score

620

Min. Down Payment

3%

Learn more

at New American Funding

Why we like it

Good for: borrowers who need to be evaluated on the basis of nontraditional credit and those interested in various down payment assistance programs.

Pros

Uses manual underwriting to evaluate creditworthiness.
Offers full online mortgage application, rate quotes, document upload and loan tracking.

Cons

Mortgage rates offered to borrowers are higher than the government-reported median of all lenders.

Read Full Review

Learn more

at Guaranteed Rate

Guaranteed Rate: NMLS#2611

5.0

NerdWallet rating

Min. Credit Score

620

Min. Down Payment

3%

Learn more

at Guaranteed Rate

Why we like it

Good for: borrowers seeking conventional or government-backed loans, and a totally online experience.

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.

Read Full Review

Learn more

at loanDepot

loanDepot: NMLS#174457

3.5

NerdWallet rating

Min. Credit Score

620

Min. Down Payment

5%

Learn more

at loanDepot

Why we like it

Good for: borrowers looking to refinance or who want to start the application process online.

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.

Read Full Review

Learn more

at Fairway Independent Mortgage

Fairway Independent Mortgage: NMLS#2289

4.0

NerdWallet rating

Min. Credit Score

620

Min. Down Payment

3%

Learn more

at Fairway Independent Mortgage

Why we like it

Good for: borrowers who want access to a wide variety of mortgages and the convenience of a comprehensive mobile application process.

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.

Read Full Review

Read review

Homebridge: NMLS#6521

3.5

NerdWallet rating

Min. Credit Score

620

Min. Down Payment

3%

Read review

Why we like it

Good for borrowers who want a loan officer's help, in person or on the phone, when deciding among the wide range of available mortgage options — including loans to buy and renovate.

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.

Read Full Review

Read review

PrimeLending: NMLS#13649

3.5

NerdWallet rating

Min. Credit Score

620

Min. Down Payment

3%

Read review

Why we like it

Good for: borrowers looking for closing cost assistance, as well as those seeking to renovate or to build a new home.

Pros

Full online application includes document uploads and automated loan updates.
Offers a "float-down" interest rate lock.
Offers a proprietary closing-cost assistance program.

Cons

No online mortgage rates — you have to contact the lender for info.
Doesn't offer home equity products.

Read Full 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.

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.

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 PHFA Mortgage Lenders of 2021

New American Funding: Best for nonbank lender
Guaranteed Rate: Best for customer service
loanDepot: Best for nonbank lender
Fairway Independent Mortgage: Best for online capabilities
Homebridge: Best for customer service
PrimeLending: Best for borrowers with tight finances