7 Best IHDA Mortgage Lenders of 2020 - NerdWallet Advertiser disclosure
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IHDA loan programs make homeownership more affordable for Illinois residents. See our top picks for IHDA participating lenders.NerdWallet Jan 2, 2020 Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money. 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, grants, mortgage rates and income limits 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, grants, mortgage rates and income limits Best IHDA Mortgage Lenders
LenderNerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.Min. credit score Minimum credit score on top loans; other loan types or factors may selectively influence minimum credit score standardsMin. down paymentLearn more New American Funding NMLS#6606Learn more at New American Funding 4.5/5 Best for borrowers with nontraditional credit histories620 FHA:500JUMBO:N/AUSDA:640VA:500CONVENTIONAL:6203%New American Funding works with down payment assistance programs in 14 states, including California, Texas, Florida and Illinois.Learn more at New American Funding Guaranteed Rate NMLS#2611Learn more at Guaranteed Rate 5.0/5 Best for mobile experience620 VA:580USDA:620JUMBO:N/AFHA:600CONVENTIONAL:6203%Guaranteed Rate offers conventional loans with as little as 3% down.Learn more at Guaranteed Rate PNC NMLS#446303Learn more at PNC 5.0/5 Best for government loan programs + borrowers with nontraditional credit histories620 VA:VariesUSDA:640JUMBO:680FHA:620CONVENTIONAL:6203%Minimum down payment varies by mortgage loan type.Learn more at PNC Fairway Independent Mortgage NMLS#2289Learn more at Fairway Independent Mortgage 3.5/5 Best for mobile experience620 CONVENTIONAL:620FHA:580JUMBO:N/AUSDA:620VA:6403%Fairway Independent Mortgage offers conventional mortgages with flexible terms and mortgage insurance options on down payments less than 20%.Learn more at Fairway Independent Mortgage loanDepot NMLS#174457Read review 4.0/5 Best for government loan programs620 JUMBO:N/AVA:620FHA:580CONVENTIONAL:6205%LoanDepot offers conventional loans with as little as 5% down.Read review Wintrust Mortgage NMLS#449042Read review 4.5/5 Best for personal service620 FHA:N/ACONVENTIONAL:620JUMBO:N/AUSDA:N/AVA:N/A3%Wintrust Mortgage offers conventional loans with as little as 3% down.Read review US Bank NMLS#402761Read review 4.5/5 Best for personal service620 VA:N/ACONVENTIONAL:620FHA:N/AJUMBO:N/AUSDA:N/A5%U.S. Bank offers conventional loans for as little as 5% down.Read reviewLearn more at New American Funding New American Funding NMLS#6606
4.5NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.Min. credit score620 FHA:500JUMBO:N/AUSDA:640VA:500CONVENTIONAL:620 Min. down payment3% New American Funding works with down payment assistance programs in 14 states, including California, Texas, Florida and Illinois. View details Learn moreat New American Funding View details Why we like it Good for: First-time home buyers and other borrowers looking for a broad array of loan choices. Pros Offers a wide variety of purchase and refinance mortgages with an emphasis on helping underserved communities. Its home equity line of credit can be used for an owner-occupied or second home. Offers a program to enable buyers to make cash offers. Cons Mortgage origination fees tend to be on the high end, according to the latest federal data.Read Full ReviewLearn more at Guaranteed Rate Guaranteed Rate NMLS#2611
5.0NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.Min. credit score620 VA:580USDA:620JUMBO:N/AFHA:600CONVENTIONAL:620 Min. down payment3% Guaranteed Rate offers conventional loans with as little as 3% down. View details Learn moreat Guaranteed Rate View details Why we like it Good for: borrowers seeking a solid variety of loan types, including jumbo and interest-only options, and a totally online experience. Pros Displays detailed sample rates for many of its loan products. Offers a wide variety of loans, including jumbo and interest-only products. Offers low rates compared with other lenders, according to the latest federal data. Cons Doesn't offer home equity loans.Read Full ReviewLearn more at PNC PNC NMLS#446303
5.0NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.Min. credit score620 VA:VariesUSDA:640JUMBO:680FHA:620CONVENTIONAL:620 Min. down payment3% Minimum down payment varies by mortgage loan type. View details Learn moreat PNC View details Why we like it Good for: borrowers with low-to-moderate incomes or limited down payments. PNC offers several low-down-payment loans, including one with no mortgage insurance. Pros Posts current mortgage rates on its website. Has an online application for mortgage preapproval and a digital tool to track application progress. Offers several affordable loan options, including FHA, VA, USDA and the PNC Community Loan. Cons Doesn't offer renovation mortgages. In-person service is not available in every state.Read Full ReviewLearn more at Fairway Independent Mortgage Fairway Independent Mortgage NMLS#2289
3.5NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.Min. credit score620 CONVENTIONAL:620FHA:580JUMBO:N/AUSDA:620VA:640 Min. down payment3% Fairway Independent Mortgage offers conventional mortgages with flexible terms and mortgage insurance options on down payments less than 20%. View details Learn moreat Fairway Independent Mortgage View details Why we like it Good for: borrowers who want access to a wide variety of mortgages, including renovation loans and ITIN loans. Pros Offers a robust suite of loan products, including ITIN loans for borrowers without Social Security numbers, renovation loans, government-backed mortgages and loans for self-employed borrowers. Receives high marks for customer satisfaction, according to J.D. Power and Zillow. Cons Mortgage rates for different types of loans aren't posted online. Origination fees are on the high side compared with other lenders, according to the latest federal data.Read Full ReviewRead review loanDepot NMLS#174457
4.0NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.Min. credit score620 JUMBO:N/AVA:620FHA:580CONVENTIONAL:620 Min. down payment5% LoanDepot offers conventional loans with as little as 5% down. View details Read reviewView details Why we like it Good for: borrowers who want an easy online application and a variety of loan types to explore. Pros Has branches across the country for customers who prefer face-to-face service. Receives high marks for customer satisfaction, according to J.D. Power and Zillow. Mortgage interest rates tend to be on the lower end, according to the latest federal data. Cons Mortgage rates aren't available online; you'll need to contact a loan officer. Doesn't offer home equity loans or lines of credit.Read Full ReviewRead review Wintrust Mortgage NMLS#449042
4.5NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.Min. credit score620 FHA:N/ACONVENTIONAL:620JUMBO:N/AUSDA:N/AVA:N/A Min. down payment3% Wintrust Mortgage offers conventional loans with as little as 3% down. View details Read reviewView details Why we like it Wintrust Mortgage offers a variety of loan products, including home equity lines of credit and even home-improvement loans, and provides a number of online conveniences, such as loan process updates. But you won’t find rates posted online. Pros Offers specialty loans, such as construction and renovation loans and loans for second homes and investment properties. Participates in first-time home buyer assistance programs in Illinois, Indiana and Wisconsin. Cons Sample rates for some loan products are available only by contacting a loan officer. Physical locations aren't available in all states.Read Full ReviewRead review US Bank NMLS#402761
4.5NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.Min. credit score620 VA:N/ACONVENTIONAL:620FHA:N/AJUMBO:N/AUSDA:N/A Min. down payment5% U.S. Bank offers conventional loans for as little as 5% down. View details Read reviewView details 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 ReviewLearn more at PNC PNC NMLS#446303
5.0NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.Min. credit score620 VA:VariesUSDA:640JUMBO:680FHA:620CONVENTIONAL:620 Min. down payment3% Minimum down payment varies by mortgage loan type. View details Learn moreat PNC View details Why we like it Good for: borrowers with low-to-moderate incomes or limited down payments. PNC offers several low-down-payment loans, including one with no mortgage insurance. Pros Posts current mortgage rates on its website. Has an online application for mortgage preapproval and a digital tool to track application progress. Offers several affordable loan options, including FHA, VA, USDA and the PNC Community Loan. Cons Doesn't offer renovation mortgages. In-person service is not available in every state.Read Full 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. More from NerdWallet Compare Chicago-area mortgage lenders Calculate your mortgage payment See Illinois mortgage rates Last updated on January 2, 2020 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 IHDA Mortgage Lenders of 2020
New American Funding: Best for borrowers with nontraditional credit historiesGuaranteed Rate: Best for mobile experiencePNC: Best for government loan programs + borrowers with nontraditional credit historiesFairway Independent Mortgage: Best for mobile experienceloanDepot: Best for government loan programsWintrust Mortgage: Best for personal serviceUS Bank: Best for personal service About the author
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