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10 Mortgage Lenders Serving Black Communities

Black-led lenders make more home loans to Black borrowers — and they can be a good fit for allies, too.

Kate Wood
Chris Jennings
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Banks and credit unions that have significant Black leadership among their executives and board members tend to serve communities that are majority Black. A higher percentage of the home loans these banks and credit unions originate go to Black borrowers, compared with mortgage lenders without such leadership, according to data from the Federal Deposit Insurance Corp.
Because these institutions tend to be smaller and community-focused, you typically need to live within one of their states or primary locations, or sometimes within a specific metro area, to get a home loan from one of them.
There's currently only one Black-led nonbank mortgage lender in the U.S., Legacy Home Loans, which does business in 29 states as well as Washington, D.C.

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Getting a mortgage from a lender that serves Black communities doesn't only enable you to become a homeowner. Doing business with these institutions can help support their mission of increasing economic opportunities for underserved populations.
Whether or not you live in an area where working with a Black-led or Black-owned mortgage lender is an option, consider working with Black professionals or others who share your values during your home search and while securing your mortgage. For example, you can look for a real estate agent who is a Realtist, which designates an affiliation with the National Association of Real Estate Brokers. NAREB, which has a primarily Black membership, is focused on promoting fair housing and equal rights.
» MORE: Ways to invest in racial justice
🤓 Nerdy Tip
Many financial institutions that provide home loans then sell them to other companies to service, which frees up funds for them to make more loans. For that reason, you may end up making your mortgage payments to a nonbank servicer rather than the lender you started out with. If you envision a different type of ongoing relationship with your mortgage lender after closing, ask the loan officer whether the lender services its own loans.

Black-led and Black-owned mortgage lenders

Click or tap to expand and learn more about each lender.
Andrews Federal Credit Union • DC, MD, NJ, VA
Good for: Military borrowers, since Andrews FCU specializes in serving veterans and service members. That said, anyone can join the credit union, and Andrews offers first-time home buyer incentives that are enticing no matter your loan type.
Primary locations: Maryland, New Jersey, Virginia, Washington, D.C.
Learn more: andrewsfcu.org
» MORE: NerdWallet's review of Andrews Federal Credit Union mortgages
Citizens Trust Bank • AL, GA
Good for: First-time home buyers in Atlanta. Via partnerships with the Federal Home Loan Bank of Atlanta and the Atlanta Housing Authority, Citizens Trust offers eligible first-timers up to $25,000 in down payment and closing cost assistance.
Primary locations: Alabama, Georgia
Learn more: ctbconnect.com
First Independence Bank • MI, MN
Good for: Michigan and Minnesota borrowers looking for less common loan types, including portfolio loans and doctor loans. First Independence also offers typical fixed- and adjustable-rate home loans.
Primary locations: Detroit, Minneapolis
Learn more: firstindependence.com
Hope Credit Union • AL, AR, LA, MS, TN
Good for: Low- to moderate-income borrowers in the South who may be able to take advantage of Affordable Housing Loans, which offer greater credit and underwriting flexibility. Hope Credit Union also offers ITIN loans for borrowers who do not have Social Security numbers.
Primary locations: Alabama, Arkansas, Louisiana, Mississippi, Tennessee
Learn more: hopecu.org
Legacy Home Loans • Multiple locations
Good for: Borrowers who live outside of major metro areas but want to work with a Black-led lender. Legacy has physical branches in the states listed below, but the lender is licensed to do business in 29 states plus Washington, D.C.
Primary locations: California, Connecticut, Florida, Georgia, Louisiana, Maryland, Missouri, North Carolina, South Carolina, Tennessee, Texas
Learn more: myhomelegacy.com
Liberty Bank • AL, IL, KS, KY, LA, MI, MS, MO, TN
Good for: Home buyers looking for less common loan types. In addition to offering conventional and government-backed mortgages, Liberty Bank also has jumbo loans, non-QM loans and options for financing new construction and renovation. The bank's Detroit Home Restoration and Acquisition program gives Motor City home buyers the opportunity to finance home purchases and repairs.
Primary locations: Alabama, Illinois, Kansas, Kentucky, Louisiana, Michigan, Mississippi, Missouri, Tennessee
Learn more: libertybank.net
Municipal Employees Credit Union of Baltimore • MD
Good for: Potential home buyers in Baltimore. MECU offers a 0.25% interest rate discount for first-timers using conventional loans for residences in Baltimore city or county. You don't have to be a credit union member to apply for a mortgage, making it easier to comparison shop.
Primary location: Baltimore
Learn more: mecu.com
St. Louis Community Credit Union • MO
Good for: First-time home buyers in the St. Louis area. In addition to helping qualified borrowers connect to assistance programs, the credit union also provides credit counseling and other support to help prepare borrowers for homeownership.
Primary location: St. Louis
Learn more: stlouiscommunity.com
SecurityPlus Federal Credit Union • MD
Good for: Baltimore borrowers looking for hands-on service. SecurityPlus has a large number of loan officers for its relatively small size, plus a full menu of conventional and government-backed home loans. Substantial grants are available for first-time home buyers and "community partners" (frontline workers, first responders and more), though income limits apply.
Primary location: Baltimore
Learn more: securityplusfcu.org
Self-Help Credit Union • FL, NC
Good for: Home buyers in the Southeast who have credit challenges or little savings for a down payment. Self-Help boasts no-down-payment mortgage options that don't require private mortgage insurance. The credit union is open to borrowers with nontraditional or alternative credit data, too.
Primary location: Florida, North Carolina
Learn more: self-help.org
» MORE: See a list of Black-owned banks and credit unions
Methodology: To come up with this group of lenders, we looked at lists of "minority depository institutions," or MDIs, from the Federal Deposit Insurance Corp. (FDIC) and the National Credit Union Administration (NCUA). Both of these organizations track financial institutions that are led by or focus on serving people of color, though their qualifications for MDIs differ.
The FDIC considers banks and other financial institutions to be MDIs if at least 51% of the voting shares are held by "minority individuals"; or a majority of the institution's directors, as well as the community it serves, identify as non-white.
The NCUA designates credit unions as MDIs if a majority of the credit union's board of directors, members and the community it serves identify as Black, Asian American, Hispanic or Native American. The credit unions provide this information to the NCUA.
Both the FDIC and NCUA lists indicate whether an institution meets their criteria for MDIs on the basis of having Black leadership or serving predominantly Black communities.
To be considered for inclusion in this article, lenders needed to be listed as a Black-led or Black-community-serving MDI by either the FDIC or NCUA, offer home loans and provide consumer-facing information about mortgages on their websites. The largest lenders appear on this list.
We also included Legacy Home Loans, which is currently the only Black-led nonbank mortgage lender in the U.S.
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