BEST OF

6 Best WHEDA Lenders of 2021

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.

NerdWallet
Jan 21, 2021

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Buying a house is a big deal, especially the first time. WHEDA — the Wisconsin Housing and Economic Development Authority — offers a variety of loan programs to make the purchase more affordable for first-time buyers, as well as for repeat buyers and veterans.

To apply, you need to work with a WHEDA-approved lender. A loan officer can determine if you meet eligibility criteria and lead you through the mortgage process.

NerdWallet has reviewed several WHEDA lenders and put together a list of top picks. We’ve also listed some local WHEDA lenders that do a lot of business in Wisconsin but haven't been reviewed by NerdWallet.

» MORE: Explore WHEDA homebuying programs

Best WHEDA Lenders

Guild Mortgage
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Guild Mortgage: NMLS#3274

4.0

NerdWallet rating 
Guild Mortgage

Min. credit score

620

Min. down payment

3%
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Why we like it

Good for: borrowers who value customer service, and first-time home buyers and others who may need the flexibility of a low-down-payment loan program.

Pros

  • Offers multiple online conveniences, including a full mortgage application, e-signatures and digital loan process tracking.

  • Offers a wide variety of loan products, including home improvement and manufactured home loans.

Cons

  • Does not offer home equity loan products.

  • Origination fees tend to be on the higher end, according to the latest data.

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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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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%
Learn more

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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Flagstar
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Flagstar: NMLS#417490

5.0

NerdWallet rating 
Flagstar

Min. credit score

620

Min. down payment

3%
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Why we like it

Good for: borrowers who want a wide range of choices — not only among mortgage products, but also in the channel they prefer, whether a branch, online or on the phone.

Pros

  • Offers a wide range of loan types and products, including FHA, VA and USDA.

  • Has a full suite of online conveniences.

  • Offers customized online rate quotes with monthly payment estimates, including mortgage insurance, when applicable.

Cons

  • Home equity lending is geographically limited.

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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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US Bank
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US Bank: NMLS#402761

4.5

NerdWallet rating 
US Bank

Min. credit score

620

Min. down payment

3%
Read review

Why we like it

U.S. Bank gets high marks for its loan offerings and online customer conveniences — and has competitive fees and mortgage rates.

Pros

  • Offers a full line of conventional and government loan products.

  • Provides home equity loans and lines of credit.

  • Allows borrowers to apply and track their loan's progress online.

Cons

  • No personalized mortgage rates available online.

  • Published mortgage rates assume an above-average credit score.

Read Full 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 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 WHEDA Lenders of 2021