Best of

Best WHEDA Lenders of 2019

NerdWalletJuly 18, 2019

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WHEDA (Wisconsin Housing and Economic Development Authority) offers mortgages for first-time home buyers, repeat buyers and veterans, along with down payment and closing cost assistance. Here are some WHEDA lenders that can help you apply.

Min. Credit Score

620

Min. Down Payment

3%

Pros

  • Works with loan programs offered by state and local housing agencies.
  • Specializes in mortgages for first-time home buyers.
  • Almost half of its loans are low-down-payment government mortgages.
  • Considers alternative credit, such as history of payments on rent and utilities.

Cons

  • With a concentration of offices in the West and South, Guild has little presence in the Northeast and Midwest.
  • Jumbo borrowers may find that banks are more competitive when it comes to large loan amounts.
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
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

620

Min. Down Payment

3%

Pros

  • Embraces FHA-backed home loans.
  • Offers three construction loans.
  • 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
New American Funding

at New American

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

  • Services not available in all 50 states.
Read full review
Min. Credit Score

620

Min. Down Payment

3%

Summary of Best WHEDA Lenders of 2019

LenderBest For

Minimum Credit Score

Minimum Down PaymentLearn More
Guild Mortgage

Guild Mortgage

first-time home buyers

620

3%

Read review
PrimeLending

PrimeLending

first-time home buyers

620

3%

Read review
Fairway

Fairway

online convenience

N/A

3%

Read review
Flagstar

Flagstar

nontraditional or alternative credit

620

3%

Read review
New American Funding

New American Funding

at New American

nontraditional or alternative credit

620

3%

at New American

US Bank

US Bank

face-to-face service

620

3%

Read review
LenderBest For

Minimum Credit Score

Minimum Down PaymentLearn More
Guild Mortgage

Guild Mortgage

first-time home buyers

620

3%

Read review
PrimeLending

PrimeLending

first-time home buyers

620

3%

Read review
Fairway

Fairway

online convenience

N/A

3%

Read review
Flagstar

Flagstar

nontraditional or alternative credit

620

3%

Read review
New American Funding

New American Funding

at New American

nontraditional or alternative credit

620

3%

at New American

US Bank

US Bank

face-to-face service

620

3%

Read review

More WHEDA lenders

These WHEDA lenders do a lot of business in Wisconsin. They haven't been reviewed by NerdWallet but are worth considering.

Johnson Bank

  • Offers personalized mortgage rates online.
  • Has loan officers in Appleton, central Wisconsin, Green Bay, Janesville, Kenosha, Madison, Milwaukee, northwest Wisconsin, Racine and Waukesha.
  • Offers a library of home financing articles online.

Summit Credit Union

  • Offers personalized mortgage rates online.
  • Website lets borrowers start application and track progress online.
  • Rate Tracker tool lets users get rate updates by email.
  • Anyone can join the credit union.

BMO Harris Bank

  • Offers closing cost discounts when borrowers set up automatic mortgage payments via a BMO Harris account.
  • Publishes sample mortgage rates for a variety of mortgages.
  • Has online mortgage application.
  • Has numerous branches in Wisconsin.

University of Wisconsin Credit Union

  • Offers personalized mortgage rates online.
  • Membership is open to a wide variety of Wisconsin residents.
  • Offers up to $1,000 discount on closing costs to first-time home buyers.
  • Offers to match closing costs or give the borrower $500 if lower closing costs are found elsewhere.

More from NerdWallet

Last updated on July 18, 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 WHEDA Lenders of 2019