BEST OF

7 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.

NerdWalletJanuary 21, 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.

Summary of Best PHFA Mortgage Lenders of 2021

New American Funding

at New American Funding

New American Funding: NMLS#6606

4.5

NerdWallet rating 
New American Funding

Min. Credit Score

620

Min. Down Payment

3%

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
Guaranteed Rate

at Guaranteed Rate

Guaranteed Rate: NMLS#2611

5.0

NerdWallet rating 
Guaranteed Rate

Min. Credit Score

620

Min. Down Payment

3%

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
loanDepot

at loanDepot

loanDepot: NMLS#174457

3.5

NerdWallet rating 
loanDepot

Min. Credit Score

620

Min. Down Payment

5%

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
Fairway Independent Mortgage

at Fairway Independent Mortgage

Fairway Independent Mortgage: NMLS#2289

4.0

NerdWallet rating 
Fairway Independent Mortgage

Min. Credit Score

620

Min. Down Payment

3%

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
Northpointe

at Northpointe

Northpointe: NMLS#447490

5.0

NerdWallet rating 
Northpointe

Min. Credit Score

620

Min. Down Payment

3%

at Northpointe


Why we like it

Northpointe Bank offers rate-shopping convenience and plenty of loan options, including 100% financing. A web tool enhances the lender's online capabilities.

Pros

  • A full slate of loan offerings.

  • Offers a no-down-payment loan with shorter repayment terms that helps accelerate home equity accumulation.

  • Serves all 50 states plus the District of Columbia.

  • A web app provides a number of customer conveniences.

Cons

  • Doesn't offer construction loans at this time.

Read Full Review

HomeBridge: NMLS#6521

3.5

NerdWallet rating 
HomeBridge

Min. Credit Score

620

Min. Down Payment

3%


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

PrimeLending: NMLS#13649

3.5

NerdWallet rating 
PrimeLending

Min. Credit Score

620

Min. Down Payment

3%


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.

  • Based in Devon, Pennsylvania, and serving the Delaware Valley since 1886.

  • Offers all government-backed mortgages.

  • Get pre-qualified in only a few minutes.

  • 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.

  • 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

Last updated on January 21, 2021

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