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Best MassHousing Mortgage Lenders of 2018

Oct. 30, 2018
Finding the Right Mortgage, Mortgages
NerdWallet adheres to strict standards of editorial integrity to help you make decisions with confidence. Some of the products we feature are from partners. Here’s how we make money.
We adhere to strict standards of editorial integrity. Some of the products we feature are from our partners. Here’s how we make money.
NerdWallet offers financial tools and advice to help you understand your options and make the best possible decisions. The guidance we offer and information we provide are deeply researched, objective and independent. We spent over 400 hours reviewing the top mortgage lenders before selecting the best for our readers.

MassHousing, Massachusetts’ housing finance agency, maintains a network of mortgage lenders who help first-time home buyers achieve their dreams. Through these mortgage lenders, first-time buyers can get down payment assistance, low-cost mortgage insurance and specialized purchasing help for veterans.

A number of lenders participate in MassHousing mortgage programs. These are among the highest rated, as determined by NerdWallet research.

» MORE: Explore Massachusetts first-time home buyer programs

Best MassHousing lenders for fixer-uppers

With the help of these lenders, the MassHousing Mortgage with Rehabilitation allows borrowers to combine purchase and renovation costs into one mortgage.

4.5 NerdWallet rating
  • Renovation loans are a focus.
  • Offers Fannie Mae HomeStyle and FHA 203(k) renovation loans.
  • Down payment as low as 3%.
  • LoanDepot review.
4.0 NerdWallet rating
  • Participates in Fannie Mae’s HomeStyle purchase and renovation program.
  • No minimum dollar amount on repairs.
  • Renovation loans can be used for energy-efficiency upgrades.
  • Fairway Independent Mortgage review.

Best MassHousing lenders for an online experience

Borrowers may apply for a loan and track the application’s progress online with these lenders.

 

4.0 NerdWallet rating
  • PreFlight program offers a credit checklist to help you prepare to apply.
  • Online loan application gives a list of necessary documents.
  • Offers document exchange, e-signatures and loan process updates online.
  • Wintrust Mortgage review.
4.5 NerdWallet rating
  • Digital platform is user-friendly and covers all types of borrowing scenarios.
  • Borrowers may securely upload and digitally sign loan documents.
  • View rates and loan options before providing personal information.
  • Guaranteed Rate mortgage review.

Best MassHousing lenders for borrowers with nontraditional credit

To assess creditworthiness, the lenders here have the ability to scrutinize applicants’ on-time payment of bills that don’t always show up on credit reports.

 

4.0 NerdWallet rating
  • Uses alternative credit scoring for some government-insured loans.
  • Minimum credit score of 580 for FHA and VA loans and 620 for conventional loans.
  • Loan application, document uploads and tracking available online.
  • J.G. Wentworth review.
4.0 NerdWallet rating
  • Will consider on-time payments of rent and utilities.
  • Alternative documentation, analyzing bank statements instead of tax returns, is available for some borrowers.
  • Proprietary NeighborhoodEdge program offers assistance of up to $2,000 in closing costs.
  • PrimeLending review.

Best MassHousing lenders for government loans

Borrowers who want low-down-payment mortgages backed by the FHA, VA and USDA are welcomed by these lenders.

 

3.5 NerdWallet rating
4.0 NerdWallet rating
  • Offers FHA, VA and USDA backed mortgages.
  • No down payment required on VA loans with full entitlement.
  • On FHA loans, sellers may contribute up to 6% of closing costs.
  • Fairway Independent Mortgage review.

Best MassHousing lenders for veterans

MassHousing’s Operation Welcome Home program paves the way to homeownership for borrowers who qualify for mortgages guaranteed by the Department of Veterans Affairs.

4.5 NerdWallet rating
  • One of the largest VA loan lenders.
  • Offers VA cash-out and IRRRL refinance loans.
  • VA loan specialists on staff.
  • LoanDepot review.
4.5 NerdWallet rating
  • Manually underwrites to evaluate creditworthiness.
  • Offers fixed-rate and adjustable-rate VA loans.
  • Loan application, rate quotes, document upload and loan tracking available online.
  • New American Funding review.

Top MassHousing mortgage lenders: summary

Best for fixer-uppers: LoanDepot.

Best for fixer-uppers: Fairway Independent Mortgage.

Best for online experience: Wintrust Mortgage.

Best for online experience: Guaranteed Rate.

Best for nontraditional credit: J.G. Wentworth.

Best for nontraditional credit: PrimeLending.

Best for government loans: Homebridge Financial Services.

Best for government loans: Fairway Independent Mortgage.

Best for veterans: LoanDepot.

Best for veterans: New American Funding.

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