BEST OF

9 Best VHDA Mortgage Lenders of 2021

The Virginia Housing Development Authority provides mortgage and assistance programs to would-be home buyers. See our top picks for VHDA lenders.

NerdWallet
Jan 21, 2021

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Loan and assistance programs offered through the Virginia Housing Development Authority, or VHDA, are designed to make homeownership more accessible to borrowers across the state.

The VHDA relies on a network of participating lenders and loan officers to provide these financial assistance programs, but with dozens of options, it can be difficult to know where to start.

NerdWallet gathered some of the most active VHDA lenders and matched them to a variety of borrower needs. Start your search by comparing the mortgage providers below.

» MORE:  See VHDA loan programs and income limits

Best VHDA Mortgage Lenders

Guaranteed Rate
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at Guaranteed Rate

Guaranteed Rate: NMLS#2611

4.5

NerdWallet rating 
Guaranteed Rate

Min. Credit Score

620

Min. Down Payment

3%
Learn more

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.

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Caliber
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Caliber: NMLS#15622

4.0

NerdWallet rating 
Caliber

Min. Credit Score

620

Min. Down Payment

3%
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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 home buyer programs.

Cons

  • No mortgage rates displayed online.

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

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Fairway Independent Mortgage
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at Fairway Independent Mortgage

Fairway Independent Mortgage: NMLS#2289

3.5

NerdWallet rating 
Fairway Independent Mortgage

Min. Credit Score

620

Min. Down Payment

3%
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at Fairway Independent Mortgage

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.

  • Origination fees are on the high side and are not offset by low rates, according to the latest data.

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New American Funding
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at New American Funding

New American Funding: NMLS#6606

5.0

NerdWallet rating 
New American Funding

Min. Credit Score

620

Min. Down Payment

3%
Learn more

at New American Funding

Why we like it

Good for: borrowers who need to be evaluated on the basis of nontraditional credit and those interested in various down payment assistance programs.

Pros

  • Uses manual underwriting to evaluate creditworthiness, in some cases.

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

Cons

  • Mortgage origination fees tend to be on the high end, according to the latest federal data.

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Stearns Lending
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Stearns Lending: NMLS#1854

4.0

NerdWallet rating 
Stearns Lending

Min. Credit Score

620

Min. Down Payment

3%
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Why we like it

Good for: borrowers who want a variety of home loan options, including a government-backed renovation loan.

Pros

  • Offers conventional and government-backed loans with low-down-payment options, including FHA 203k renovation loans.

  • Has a mobile app to help streamline the application process.

  • Has a loan program for medical doctors and dentists with down payments as low as 5%.

Cons

  • Doesn’t display information online about rates and fees.

  • Doesn't offer home equity loans or HELOCs.

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PrimeLending
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PrimeLending: NMLS#13649

3.5

NerdWallet rating 
PrimeLending

Min. Credit Score

620

Min. Down Payment

3%
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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.

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BB&T (Truist)
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BB&T (Truist): NMLS#399803

4.5

NerdWallet rating 
BB&T (Truist)

Min. Credit Score

620

Min. Down Payment

3%
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Why we like it

Good for: borrowers in the Southeast who want the option of face-to-face service. BB&T is now part of Truist Financial Corp., which offers a full menu of home loans.

Pros

  • Offers a variety of home loans, including construction-to-permanent loans, physicians loans and jumbo loans.

  • Has a robust online mortgage application.

Cons

  • Branches limited to mostly the Southeast region.

  • Custom rates are only available if you speak with a representative.

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SunTrust (Truist)
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SunTrust (Truist): NMLS#2915

4.5

NerdWallet rating 
SunTrust (Truist)

Min. Credit Score

620

Min. Down Payment

3%
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Why we like it

Good for: first-time home buyers, doctors and other borrowers interested in low-down-payment mortgage options.

Pros

  • Offers a wide variety of loan options, including special programs for doctors.

  • 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.

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loanDepot
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at loanDepot

loanDepot: NMLS#174457

3.5

NerdWallet rating 
loanDepot

Min. Credit Score

620

Min. Down Payment

5%
Learn more

at loanDepot

Why we like it

Good for: borrowers looking to refinance or who want to start the application process online.

Pros

  • Offers digital income, asset and employment verification.

  • Offers multiple renovation loan options.

  • Has affiliated loan stores 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.

Read Full Review

Last updated on January 21, 2021

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 VHDA Mortgage Lenders of 2021