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6 Best Tennessee Housing Development Agency Lenders of 2020

NerdWalletJanuary 2, 2020

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Tennesseeans can consider these vetted lenders when they buy homes with help from the Tennessee Housing Development Agency's programs for repeat and first-time home buyers.

The Tennessee Housing Development Agency, or THDA, offers programs that reduce barriers to homeownership, making it easier to buy a home.

Whether you're a first-time home buyer, a veteran or on active duty in the armed forces, or plan to buy in an economically disadvantaged area, the THDA has a program for you. One of the first decisions is to choose a mortgage lender that participates in THDA loan programs.

NerdWallet has reviewed several THDA lenders, and some of the top choices are listed here according to borrower needs. In addition, NerdWallet has listed Tennessee-based lenders that haven't been reviewed, but which close a lot of loans in the Volunteer State and participate in THDA programs.

Summary of Best Tennessee Housing Development Agency Lenders of 2020

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at loanDepot

loanDepot: NMLS#174457

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Min. Credit Score

620

Min. Down Payment

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.

  • 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.

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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
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at Veterans United

Veterans United: NMLS#1907

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Min. Credit Score

660

Min. Down Payment

0%

at Veterans United


Why we like it

Good for: veterans, active-duty service members and eligible Reservists looking for VA or non-VA loans.

Pros

  • Offers 24/7 customer service over the phone.

  • Has online application and pre-qualification.

  • Offers a free credit counseling service.

  • Employs advisors from each branch of the armed forces.

Cons

  • Doesn’t offer home equity loans or HELOCs.

  • Veterans United has physical branch offices in only 18 states.

  • Information on FHA, USDA and conventional loans is harder to find on their website.

  • Charges higher rates and fees than some other lenders.

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Caliber: NMLS#15622

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Min. Credit Score

620

Min. Down Payment

3%


Why we like it

Good for: first-time home buyers, veterans and those who may have credit challenges to overcome.

Pros

  • Offers extensive educational resources for military borrowers.

  • Provides digital tools for a streamlined application process.

  • Participates in some state down payment assistance and first-time homebuyer programs.

Cons

  • No mortgage rates displayed online.

  • Doesn't offer home equity loans or lines of credit.

Read Full Review
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at Guaranteed Rate

Guaranteed Rate: NMLS#2611

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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
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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

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

More THDA-participating mortgage lenders

These THDA lenders have their home offices in Tennessee and are among the busiest mortgage companies in the state. They have not been reviewed by NerdWallet.

  • Tennessee's highest-volume mortgage lender.

  • Offers zero-down-payment USDA loans.

  • Offers online qualification and live chat.

  • Operates more than 20 branch offices in Tennessee.

  • Offers home buyer classes in English and Spanish.

  • Start pre-qualification online.

  • Doesn't publish mortgage rates online.

  • Has more than a dozen branches statewide.

  • Offers FHA, VA and USDA loans.

  • Home loans available at five mortgage centers in middle Tennessee, plus more than a dozen bank branches.

  • Doesn't publish mortgage rates online.

  • Online application available.

  • Offers FHA, VA and USDA loans.

  • Custom rates available online.

  • Start the application process online.

  • Several offices across Tennessee.

More from NerdWallet

Last updated on January 2, 2020

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 Tennessee Housing Development Agency Lenders of 2020