Best TDHCA Mortgage Lenders of 2019

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Min. Credit Score

620

Min. Down Payment

3.5%

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.

Ideal for borrowers looking for help with closing costs: PrimeLending's proprietary program, NeighborhoodEdge, helps qualified low- to moderate-income borrowers with up to $2,000 in closing cost credits (certain restrictions are based on income and location).

Pros

Low rate of consumer complaints filed with the Consumer Financial Protection Bureau.
Request a pre-qualification through PrimeLending’s secure system from a phone, tablet or computer.
Niche mortgage products include energy-efficient mortgages, FHA 203(k) renovation and remodeling loans, manufactured home mortgages and home construction loans.
Free “float down” interest rate option lets borrowers choose the lower rate if interest rates fall, even with a rate lock.
NeighborhoodEdge closing cost assistance program for low- to moderate-income borrowers allows qualified borrowers $2,000 in closing cost credits (restrictions on income and location).
“Alternative doc” program lets borrowers qualify for mortgage based on bank statements rather than tax returns.

Cons

No live chat online.
No online mortgage rate quotes.

Alterra

4.5

Min. Credit Score

620

Min. Down Payment

3%

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.

Fairway

4.0

National / Regional

National

Min. Down Payment

3%

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.

Guild Mortgage

4.0

Min. Credit Score

620

Min. Down Payment

3%

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-amount loans.

HomeBridge

3.5

Min. Credit Score

550

Min. Down Payment

3%

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.