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Best IHDA Mortgage Lenders of 2019

Oct. 22, 2018
Finding the Right Mortgage, Mortgages
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 Illinois Housing Development Authority, or IHDA, offers a variety of programs designed to help you buy a home.

To get an IHDA loan, and up to $10,000 in down payment and closing cost assistance, you’ll have to work with a participating lender. But with over 165 different participating lenders across the state of Illinois, which one should you choose?

NerdWallet can help you narrow it down. We looked at IHDA lenders, identifying the best ones for a variety of borrower needs. Start your search by comparing the lenders below.

» MORE:  Explore IHDA loans, mortgage rates and income limits

Best IHDA mortgage lenders for a mobile experience

If you think phones are for opening apps rather than making calls, the streamlined digital experience offered by these lenders may be a good fit.

4.5 NerdWallet rating
  • Mobile app connects you with a loan officer for fast preapproval.
  • No personal information required for customized rate quotes.
  • Securely upload and digitally sign loan documents.
  • Guaranteed Rate review.
4.0 NerdWallet rating
  • Mobile application can be completed in 10 minutes.
  • Securely scan and upload financial documents.
  • 24/7 online loan administration portal, call center and email help.
  • Fairway Independent Mortgage review.

Best IHDA mortgage lenders for personal service

These lenders have plenty of branch locations in Illinois so you can meet your loan officer face to face if that’s what you prefer.

4.0 NerdWallet rating
  • Based in Rosemont, Illinois, a Chicago suburb.
  • Helps borrowers evaluate their credit before applying.
  • Must contact a loan officer for personalized rates.
  • Wintrust Mortgage review.
3.0 NerdWallet rating
  • Request a call from a loan officer easily online.
  • May consider alternative credit data, such as utility bills.
  • Website shows sample rates with zero discount points.
  • U.S. Bank mortgage review.

Best IHDA mortgage lenders for borrowers with nontraditional credit histories

These lenders have resources to help you overcome challenges like no credit history or a lower credit score.

3.5 NerdWallet rating
  • Considers nontraditional credit history like rent payments.
  • Several affordable loan options, including the PNC Community Loan with no private mortgage insurance requirement.
  • Offers variety of Spanish resources, including educational webpages, a designated customer care phone line and bilingual agents.
  • PNC Mortgage review.
4.5 NerdWallet rating
  • Evaluates creditworthiness on an individual basis.
  • Personal information required for an online rate quote.
  • Spanish-speaking agents available to assist bilingual borrowers.
  • New American Funding review.

Best IHDA mortgage lenders for a government loan program

These lenders can help you combine IHDA assistance with a loan from the Federal Housing Administration (FHA), Department of Veterans Affairs (VA) or U.S. Department of Agriculture (USDA).

4.5 NerdWallet rating
  • Offers FHA and VA loans.
  • Has specially trained VA loan officers on staff.
  • You must talk to a loan officer for personalized rates.
  • LoanDepot review.
3.5 NerdWallet rating
  • Offers FHA, VA and USDA loans.
  • Home Insight Tracker lets you monitor loan progress online.
  • Rates based on your expected purchase price are available online.
  • PNC Mortgage review.

More participating IHDA mortgage lenders

NerdWallet hasn’t reviewed the financial institutions below, but the IHDA lists them among its top participating lenders.

Midland States Bank

  • Offers FHA, VA and USDA loans.
  • Full online application and ability to request a call back from a loan officer.
  • A number of Illinois branch offices.

Envoy Mortgage

  • Online application and loan progress tracking.
  • Offers certified VA loan originators.
  • Limited number of Illinois branch offices.

Blackhawk Bank

  • Offers FHA, VA and USDA loans.
  • Provides a money-back guarantee on all mortgage preapprovals.
  • Branch offices in Illinois are limited but it offers an online loan application.

Diamond Residential Mortgage Corp.

  • Offers FHA, VA and USDA loans.
  • Lending options for those who are self-employed or have past bankruptcy.
  • About 10 Illinois branch offices, no online application.

» FIND first-time home buyer grants in Illinois

Best IHDA mortgage lenders: Summary

Guaranteed Rate: Mobile experience.

Fairway Independent Mortgage: Mobile experience.

Wintrust Mortgage: Personal service.

U.S. Bank: Personal service.

PNC: Nontraditional credit.

New American Funding: Nontraditional credit.

LoanDepot: Government loans.

PNC: Government loans.

Midland States Bank: Top IHDA participating lender.

Envoy Mortgage: Top IHDA participating lender.

Blackhawk Bank: Top IHDA participating lender.

Diamond Residential Mortgage Corp.: Top IHDA participating lender.

More from NerdWallet

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.