10 Best USDA Mortgage Lenders in 2020

Why we like it

Pros

• Quicken Loans couples a fully online application with available mortgage advisors for those who want a human touch.

• Instantly verifies employment and income for many working Americans.

• Offers custom fixed-rate loan terms that are between eight and 30 years.

• Provides a wide variety of loan types, including renovation loans and all government-backed mortgage products.

Cons

• Quicken Loans doesn't offer home equity loans or HELOCs.

• Quicken's lender fees can be stout and they don't offset those fees with particularly low mortgage rates.

Why we like it

Pros

• Uses manual underwriting to evaluate creditworthiness.

• Offers a fully online mortgage application, rate quotes, document upload and loan tracking.

Cons

• Mortgage rates offered to borrowers are higher than the government-reported median of all lenders.

Why we like it

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.

Why we like it

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.

Why we like it

Pros

• Offers multiple low-down-payment loan programs.

• May consider alternative credit data, like bank statements and rent payments.

Cons

• To get sample rates, you'll have to speak with a loan officer.

• Doesn't offer home equity loans or HELOC.

Why we like it

Pros

• Caps lenders fees to $350 for Executive Costco members and $650 for Gold Star Costco members.

• Lets you compare products and rates from several lenders.

• Has a mobile-enhanced website and automated mortgage-application process.

Cons

• Loan fee discounts available only to Costco members.

• No physical locations for face-to-face service.

Why we like it

Pros

• Offers a wide variety of loan options, including special programs for doctors, entrepreneurs and other professionals.

• Offers a complete suite of online mortgage application tools and loan tracking.

• Sample rates and fees are easy to find on the website.

Cons

• Customized rates aren't available online without starting an application.

• Branches are limited mostly to the Southeast.

Why we like it

Pros

• Offers an ITIN qualification path for undocumented borrowers.

• Has a digital application process.

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

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

Cons

• No mortgage rates published online.

• No home equity loans or lines of credit.

• Generally has higher rates and fees than other lenders.

• Branch offices not available in all states.

Why we like it

Pros

• Provides numerous online conveniences, including loan application and process updates.

• Current rates clearly posted for various loan products.

• Offers a wide variety of loan types and products.

Cons

• New applications for home equity lines of credit suspended during COVID-19 crisis.

• Government actions and scandals have damaged consumer trust in recent years.

Why we like it

Pros

• Posts current mortgage rates on its website.

• Has an online application for mortgage preapproval and a digital tool to track application progress.

• Offers several affordable loan options including FHA, VA, USDA and the PNC Community Loan.

Cons

• Can't complete the full mortgage online.

• Doesn't offer renovation mortgages.

• In-person service is not available in every state.