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6 Best TDHCA Mortgage Lenders of 2020

NerdWalletJanuary 2, 2020

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The Texas Department of Housing and Community Affairs, or TDHCA, can help first-time buyers purchase a home. See NerdWallet's picks for participating lenders.

Texas residents who want to buy their first homes can get help from the Texas Department of Housing and Community Affairs. The state's My First Texas Home loan program includes down payment and closing cost assistance.

The program's low-interest rate loans are offered through a network of participating lenders. These are among the best, as determined by NerdWallet research.

Summary of Best TDHCA Mortgage Lenders of 2020

LenderNerdWallet Rating Minimum Credit Score Minimum Down PaymentLearn More

loanDepot

at loanDepot

Best for customer service

620

3.5%

at loanDepot

PrimeLending

Best for customer service

620

3%

Read review

Best for online experience

620

3%

Read review

Fairway Independent Mortgage

at Fairway

Best for online experience

620

3%

at Fairway

Guild Mortgage

Best for government loans

620

3%

Read review

HomeBridge

Best for government loans

620

3%

Read review
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at loanDepot

loanDepot: NMLS#174457

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Min. Credit Score

620

Min. Down Payment

3.5%

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

PrimeLending: NMLS#13649

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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

Alterra: NMLS#133739

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Min. Credit Score

620

Min. Down Payment

3%


Why we like it

Ideal for Latino and other minority borrowers, millennials, foreign nationals, as well as those seeking a full array of purchase and refinance loans, including jumbo mortgages.

Pros

  • Offers an ITIN qualification path for undocumented immigrant borrowers.

  • Has a digital application process.

  • Offers several mortgage options for low- to moderate-income borrowers.

  • Has a full Spanish-language version of its website and bilingual loan officers.

  • Borrowers can qualify with income from self-employment and other nontraditional sources.

Cons

  • No mortgage rates published online.

  • Doesn't lend in all states.

  • No home equity loans or lines of credit.

Read Full Review
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at Fairway

Fairway Independent Mortgage: NMLS#2289

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Min. Credit Score

620

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

Guild Mortgage: NMLS#3274

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Min. Credit Score

620

Min. Down Payment

3%


Why we like it

Ideal for borrowers with a relatively high credit score who may need down payment assistance or help from a state housing agency.

Pros

  • Works with loan programs offered by state and local housing agencies.

  • Specializes in mortgages for first-time home buyers.

  • Almost half of its loans are low-down-payment government mortgages.

  • Considers alternative credit, such as history of payments on rent and utilities.

Cons

  • With a concentration of offices in the West and South, Guild has little presence in the Northeast and Midwest.

  • Jumbo borrowers may find that banks are more competitive when it comes to large loan amounts.

Read Full Review

HomeBridge: NMLS#6521

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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

More TDHCA participating mortgage lenders

The following are some of the highest-volume lenders that participate in TDHCA first-time home buyer programs. They have not been reviewed by NerdWallet.

  • Website has calculators, answers to FAQs and a mortgage glossary.

  • Offers FHA, VA and USDA loans.

  • National lender headquartered in Texas.

  • More than 25 locations in Texas.

  • Prequalification can be started online.

  • Website includes calculators, FAQs and a mortgage glossary.

  • Offers FHA, VA and USDA mortgages as well as conventional loans.

  • Lends in over 30 states and headquartered in Texas.

  • Reduced interest rate for disabled veterans under the Texas VLB mortgage program.

  • Outlines the steps to buying a home and offers a homebuying guide.

  • Offers FHA, VA and USDA loans as well as conventional mortgages for first-time home buyers.

  • Website has several loan calculators.

More from NerdWallet

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 TDHCA Mortgage Lenders of 2020