Best of

Best VHDA Mortgage Lenders of 2019

NerdWalletJuly 2, 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.

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

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
J.G. Wentworth

at JG Wentworth

4.0

NerdWallet rating 

at JG Wentworth

Min. Credit Score

600

Min. Down Payment

3%

Pros

  • Wide variety of terms, including 10-, 15-, 20-, 25- and 30- year fixed-rate mortgages and ARMs with 3/1, 5/1, 7/1 and 10/1 terms.
  • Offers Fannie Mae and Freddie Mac programs for low- to moderate-income home buyers.
  • VA lending is one-third of J.G. Wentworth’s business. A number of loan officers and other employees are former service members.
  • Focus on automation includes an entire online loan application process, digital document uploads, loan tracking and signatures as well as pre-qualification letters by email.
  • Licensed in all states except for Hawaii, Missouri, Montana, Nevada and New York.

Cons

  • Does not offer home equity loans or lines of credit.
  • Physical locations in 14 states only.
  • Not licensed in Hawaii, Missouri, Montana, Nevada or New York.
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
Min. Credit Score

550

Min. Down Payment

3%

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.
Read full review
Min. Credit Score

620

Min. Down Payment

3%

Pros

  • Embraces FHA-backed home loans.
  • Offers three construction loan offerings.
  • A professional loan package is tailored for the needs of doctors, lawyers, architects and certified public accountants.
  • Flagstar reps are familiar with low-down-payment state bond programs for first-time home buyers and income-limited households, as well as the areas that qualify for USDA loans.
  • Offers home equity loans and home equity lines of credit.

Cons

  • Charges an average $1,000 origination fee.
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
Min. Credit Score

620

Min. Down Payment

3%

Pros

  • Considers alternative credit history on certain loans.
  • Offers construction loans to build a home or make significant renovations to an existing home.
  • Flexible borrowing and payment options for home equity loans and lines of credit.
  • Full suite of online capabilities.

Cons

  • Available mostly in the Southeast; not available nationwide.
  • Creating an account is mandatory if you want to apply online.
Read full review
Min. Credit Score

620

Min. Down Payment

3%

Pros

  • Offers a complete online suite of mortgage application tools and loan tracking.
  • Has plenty of loan options to choose from and competitive interest rates.
  • Provides customer service in its physical locations, online, via chat and by phone.
  • Has a Doctor Loan Program for medical professionals who have high earning potential but little cash for down payments.

Cons

  • Has a limited number of physical branch locations in 11 states and Washington, D.C.
  • Does not consider alternative scoring data, such as rent or utility payments, in standard underwriting.
Read full review
Min. Credit Score

620

Min. Down Payment

3%

Pros

  • Offers government-backed loans with low down-payment options as well as conventional and jumbo loans.
  • Has a low-down-payment program available for medical doctors and dentists.
  • Provides loans directly to consumers and through mortgage brokers and banks.

Cons

  • Not available in New York.
  • Does not offer home equity loans or HELOCs.
  • Does not have an online application or provide information about rates and fees.
Read full review

Summary of Best VHDA Mortgage Lenders of 2019

LenderBest For

Minimum Credit Score

Minimum Down PaymentLearn More
Guaranteed Rate

Guaranteed Rate

an online experience

620

3%

Read review
J.G. Wentworth

J.G. Wentworth

NerdWallet rating 

at JG Wentworth

an online experience

600

3%

at JG Wentworth

Fairway

Fairway

veterans & a nonbank experience

N/A

3%

Read review
HomeBridge

HomeBridge

veterans

550

3%

Read review
Flagstar

Flagstar

USDA loans

620

3%

Read review
PrimeLending

PrimeLending

USDA loans

620

3%

Read review
BB&T

BB&T

in-person service

620

3%

Read review
SunTrust

SunTrust

in-person service

620

3%

Read review
Stearns Lending

Stearns Lending

a nonbank experience

620

3%

Read review
LenderBest For

Minimum Credit Score

Minimum Down PaymentLearn More
Guaranteed Rate

Guaranteed Rate

an online experience

620

3%

Read review
J.G. Wentworth

J.G. Wentworth

NerdWallet rating 

at JG Wentworth

an online experience

600

3%

at JG Wentworth

Fairway

Fairway

veterans & a nonbank experience

N/A

3%

Read review
HomeBridge

HomeBridge

veterans

550

3%

Read review
Flagstar

Flagstar

USDA loans

620

3%

Read review
PrimeLending

PrimeLending

USDA loans

620

3%

Read review
BB&T

BB&T

in-person service

620

3%

Read review
SunTrust

SunTrust

in-person service

620

3%

Read review
Stearns Lending

Stearns Lending

a nonbank experience

620

3%

Read review

Last updated on July 2, 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 VHDA Mortgage Lenders of 2019