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.
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.
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.
Summary of Best VHDA Mortgage Lenders of 2021
| Lender | NerdWallet Rating | Minimum Credit Score | Minimum Down Payment | Learn More |
|---|---|---|---|---|
Best for an online experience | 620 | 3% | at Guaranteed Rate | |
Best for an online experience | 620 | 3% | Read review | |
Best for veterans & a nonbank experience | 620 | 3% | at Fairway Independent Mortgage | |
Best for first-time home buyers | 620 | 3% | at New American Funding | |
Best for government-backed loans | 620 | 3% | Read review | |
Best for USDA loans | 620 | 3% | Read review | |
Best for in-person service | 620 | 3% | Read review | |
Best for in-person service | 620 | 3% | Read review | |
Best for a nonbank experience | 620 | 5% | at loanDepot |
at Guaranteed Rate
at Guaranteed Rate
Min. Credit Score
620
Min. Down Payment
3%
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.
Min. Credit Score
620
Min. Down Payment
3%
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.
at Fairway Independent Mortgage
at Fairway Independent Mortgage
Min. Credit Score
620
Min. Down Payment
3%
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.
at New American Funding
at New American Funding
Min. Credit Score
620
Min. Down Payment
3%
Pros
- Uses manual underwriting to evaluate creditworthiness.
- Offers full 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.
Min. Credit Score
620
Min. Down Payment
3%
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.
Min. Credit Score
620
Min. Down Payment
3%
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.
Min. Credit Score
620
Min. Down Payment
3%
Pros
- Offers a variety of low-down-payment mortgages as well as construction mortgages.
- Website lets users estimate rates online by loan and property type, amount and location.
- Has an online mortgage application.
Cons
- Branches limited to mostly the Southeast region.
- Does not offer FHA loans.
Min. Credit Score
620
Min. Down Payment
3%
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.
at loanDepot
at loanDepot
Min. Credit Score
620
Min. Down Payment
5%
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.
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
- Guaranteed Rate: Best for an online experience
- Caliber: Best for an online experience
- Fairway Independent Mortgage: Best for veterans & a nonbank experience
- New American Funding: Best for first-time home buyers
- Stearns Lending: Best for government-backed loans
- PrimeLending: Best for USDA loans
- BB&T (Truist): Best for in-person service
- SunTrust (Truist): Best for in-person service
- loanDepot: Best for a nonbank experience
