Best of

Best Tennessee Housing Development Agency Lenders of 2019

NerdWalletMay 15, 2019

At NerdWallet, we strive to help you make financial decisions with confidence. To do this, many or all of the products featured here are from our partners. However, this doesn’t influence our evaluations. Our opinions are our own.

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.

loanDepot

at loanDepot

Min. Credit Score

620

Min. Down Payment

3.5%

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
Min. Credit Score

620

Min. Down Payment

3%

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.
Read full review
Veterans United

at Veterans United

Min. Credit Score

620

Min. Down Payment

0%

Pros

  • Also offers FHA, USDA and conventional loans.
  • Offers 24/7 customer service.
  • You can complete a loan application and pre-qualify online.
  • Registers a low volume of complaints filed with the Consumer Financial Protection Bureau.
  • Offers free credit score education and assistance.
  • Provides a client advocate team staffed by former senior enlisted leaders from each branch of the armed forces.

Cons

  • Doesn’t offer home equity loans or HELOCs.
  • Loans are available in all 50 states, but Veterans United has offices in only about half.
Read full review
Min. Credit Score

620

Min. Down Payment

3%

Pros

  • Participates in some state down payment assistance programs.
  • Offers educational resources for military borrowers.
  • Provides digital tools for a streamlined application process.

Cons

  • No mortgage rates displayed online.
  • Must work with a loan officer for pre-qualification and preapproval.
Read full review
Min. Credit Score

620

Min. Down Payment

3%

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
National / Regional

National

Min. Down Payment

3%

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

Summary of Best Tennessee Housing Development Agency Lenders of 2019

LenderBest For

Minimum Credit Score

Minimum Down PaymentLearn More
loanDepot

loanDepot

at loanDepot

FHA loans

620

3.5%

at loanDepot

PrimeLending

PrimeLending

FHA loans

620

3%

Read review
Veterans United

Veterans United

at Veterans United

veterans and active-duty military

620

0%

at Veterans United

Caliber

Caliber

veterans and active-duty military

620

3%

Read review
Guaranteed Rate

Guaranteed Rate

online experience

620

3%

Read review
Fairway

Fairway

online experience

N/A

3%

Read review
LenderBest For

Minimum Credit Score

Minimum Down PaymentLearn More
loanDepot

loanDepot

at loanDepot

FHA loans

620

3.5%

at loanDepot

PrimeLending

PrimeLending

FHA loans

620

3%

Read review
Veterans United

Veterans United

at Veterans United

veterans and active-duty military

620

0%

at Veterans United

Caliber

Caliber

veterans and active-duty military

620

3%

Read review
Guaranteed Rate

Guaranteed Rate

online experience

620

3%

Read review
Fairway

Fairway

online experience

N/A

3%

Read 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.

Mortgage Investors Group

  • 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.

First Community Mortgage

  • 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.

F&M Bank

  • 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.

Guaranty Home Mortgage

  • 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 May 15, 2019

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 Tennessee Housing Development Agency Lenders of 2019