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7 Best PHFA Mortgage Lenders of 2020

NerdWalletJanuary 2, 2020

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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.

Summary of Best PHFA Mortgage Lenders of 2020

LenderBest For

Minimum Credit Score

Minimum Down PaymentNational/RegionalLearn More
New American Funding

New American Funding

a nonbank lender

620

3%

National

Read review
loanDepot

loanDepot

a nonbank lender

620

3.5%

National

Read review
BB&T

BB&T

online capabilities

620

3%

Regional

Read review
Fairway Independent Mortgage

Fairway Independent Mortgage

at Fairway

online capabilities

N/A

3%

National

at Fairway

Guaranteed Rate

Guaranteed Rate

customer service

620

3%

National

Read review
HomeBridge

HomeBridge

customer service

620

3%

National

Read review
PrimeLending

PrimeLending

borrowers with tight finances

620

3%

National

Read review

New American Funding: NMLS#6606

Logo

Min. Credit Score

620

Min. Down Payment

3%

National / Regional

National


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

loanDepot: NMLS#174457

Logo

Min. Credit Score

620

Min. Down Payment

3.5%


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

BB&T: NMLS#399803

Logo

Min. Credit Score

620

Min. Down Payment

3%


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
Logo

at Fairway

Fairway Independent Mortgage: NMLS#2289

Logo

National / Regional

National

Min. Down Payment

3%

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

Guaranteed Rate: NMLS#2611

Logo

Min. Credit Score

620

Min. Down Payment

3%


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

HomeBridge: NMLS#6521

Logo

Min. Credit Score

620

Min. Down Payment

3%


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

PrimeLending: NMLS#13649

Logo

Min. Credit Score

620

Min. Down Payment

3%


Why we like it

Ideal for borrowers with past credit issues and those looking for down payment and closing cost assistance programs.

Pros

  • Low rate of consumer complaints filed with the Consumer Financial Protection Bureau.

  • Offers a "float-down" interest rate lock.

  • Offers a proprietary closing-cost assistance program.

Cons

  • No online mortgage rates.

  • Charges an origination fee.

  • 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.

More from NerdWallet

How much house can you afford?

Compare Pennsylvania mortgage rates

See other first-time home buyer programs by state

Last updated on January 2, 2020

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