7 Best PHFA Mortgage Lenders of 2020

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

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 2020

Lender	NerdWallet Rating	Minimum Credit Score	Minimum Down Payment	National / Regional	Learn More
New American Funding Learn more at New American	4.5 /5 Best for a nonbank lender	700	3%	National	Learn more at New American
loanDepot Learn more at loanDepot	4.0 /5 Best for a nonbank lender	620	3.5%	National	Learn more at loanDepot
BB&T Read review	4.0 /5 Best for online capabilities	620	3%	Regional	Read review
Fairway Independent Mortgage Learn More at Fairway	4.0 /5 Best for online capabilities	620	3%	National	Learn More at Fairway
Guaranteed Rate Read review	4.5 /5 Best for customer service	620	3%	National	Read review
HomeBridge Read review	3.5 /5 Best for customer service	620	3%	National	Read review
PrimeLending Read review	3.5 /5 Best for borrowers with tight finances	620	3%	National	Read review

Learn more

at New American

New American Funding: NMLS#6606

4.5

NerdWallet rating

Min. Credit Score

700

Min. Down Payment

National / Regional

National

Learn more

at New American

Why we like it

Ideal for borrowers who need to be evaluated on the basis of nontraditional credit. New American Funding offers FHA and VA loans, works with down payment assistance programs, and helps borrowers whose credit histories don't fit the mold of traditional banking.

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

Learn more

at loanDepot

loanDepot: NMLS#174457

4.0

NerdWallet rating

Min. Credit Score

620

Min. Down Payment

3.5%

Learn more

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

Read review

BB&T: NMLS#399803

4.0

NerdWallet rating

Min. Credit Score

620

Min. Down Payment

Read review

Why we like it

Ideal for borrowers in the Southeast who want online tools with the option of face-to-face service. BB&T, now part of Truist Financial Corp., offers a full menu of home loans.

Pros

Offers a variety of low-down-payment mortgage options
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

Branches limited mostly to the Southeast.

Read Full Review

Learn More

at Fairway

Fairway Independent Mortgage: NMLS#2289

4.0

NerdWallet rating

Min. Credit Score

620

Min. Down Payment

Learn More

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

Read review

Guaranteed Rate: NMLS#2611

4.5

NerdWallet rating

Min. Credit Score

620

Min. Down Payment

Read review

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

Read review

HomeBridge: NMLS#6521

3.5

NerdWallet rating

Min. Credit Score

620

Min. Down Payment

Read review

Why we like it

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.

Read Full Review

Read review

PrimeLending: NMLS#13649

3.5

NerdWallet rating

Min. Credit Score

620

Min. Down Payment

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.

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.

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 2020

New American Funding: Best for a nonbank lender

loanDepot: Best for a nonbank lender

BB&T: Best for online capabilities

Fairway Independent Mortgage: Best for online capabilities

Guaranteed Rate: Best for customer service

HomeBridge: Best for customer service

PrimeLending: Best for borrowers with tight finances