9 Best VHDA Mortgage Lenders of 2021 - NerdWallet Advertiser disclosure
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The Virginia Housing Development Authority provides mortgage and assistance programs to would-be home buyers. See our top picks for VHDA lenders.NerdWallet Jan 21, 2021 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. Loan and assistance programs offered through the Virginia Housing Development Authority, or VHDA, are designed to make homeownership more accessible to borrowers across the state. The VHDA relies on a network of participating lenders and loan officers to provide these financial assistance programs, but with dozens of options, it can be difficult to know where to start. NerdWallet gathered some of the most active VHDA lenders and matched them to a variety of borrower needs. Start your search by comparing the mortgage providers below. » MORE: See VHDA loan programs and income limits Loan and assistance programs offered through the Virginia Housing Development Authority, or VHDA, are designed to make homeownership more accessible to borrowers across the state. The VHDA relies on a network of participating lenders and loan officers to provide these financial assistance programs, but with dozens of options, it can be difficult to know where to start. NerdWallet gathered some of the most active VHDA lenders and matched them to a variety of borrower needs. Start your search by comparing the mortgage providers below. » MORE: See VHDA loan programs and income limits Best VHDA 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 first-time home buyers620 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 an online experience620 VA:580USDA:620JUMBO:N/AFHA:600CONVENTIONAL:6203%Guaranteed Rate offers conventional loans with as little as 3% down.Learn more at Guaranteed Rate Fairway Independent Mortgage NMLS#2289Learn more at Fairway Independent Mortgage 3.5/5 Best for veterans & a nonbank 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 Caliber NMLS#15622Read review 3.5/5 Best for an online experience620 VA:580USDA:N/AFHA:580CONVENTIONAL:620JUMBO:6803%Caliber offers conventional loans with as little as 3% down.Read review Stearns Lending NMLS#1854Read review 4.0/5 Best for government-backed loans620 VA:580USDA:620JUMBO:N/AFHA:580CONVENTIONAL:6203%Stearns Lending offers conventional loans with as little as 3% down.Read review PrimeLending NMLS#13649Read review 3.5/5 Best for USDA loans620 CONVENTIONAL:620FHA:580JUMBO:N/AUSDA:620VA:5803%PrimeLending offers conventional loans with down payments as low as 3%.Read review BB&T (Truist): NMLS#399803Read review 4.5/5 Best for in-person service620 VA:N/AUSDA:640JUMBO:N/ACONVENTIONAL:6203%BB&T Mortgage offers conventional loans for as little as 3% down.Read review SunTrust Truist NMLS#2915Read review 4.5/5 Best for in-person service620 VA:620USDA:640JUMBO:N/AFHA:620CONVENTIONAL:6203%SunTrust Mortgage offers conventional loans for as little as 3% down.Read review loanDepot NMLS#174457Read review 4.0/5 Best for a nonbank experience620 JUMBO:N/AVA:620FHA:580CONVENTIONAL:6205%LoanDepot offers conventional loans with 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 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 Caliber NMLS#15622
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 VA:580USDA:N/AFHA:580CONVENTIONAL:620JUMBO:680 Min. down payment3% Caliber offers conventional loans with as little as 3% down. View details Read reviewView details Why we like it Good for: first-time home buyers, veterans and those who may have credit challenges to overcome. Pros Offers extensive educational resources for military borrowers. Participates in some down payment assistance and first-time home buyer programs. Cons No mortgage rates displayed online. Doesn’t offer home equity loans or lines of credit.Read Full ReviewRead review Stearns Lending NMLS#1854
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 VA:580USDA:620JUMBO:N/AFHA:580CONVENTIONAL:620 Min. down payment3% Stearns Lending offers conventional loans with as little as 3% down. View details Read reviewView details Why we like it Good for: borrowers who want a variety of home loan options, including a government-backed renovation loan. Pros Offers conventional and government-backed loans with low-down-payment options, including FHA 203k renovation loans. Has a mobile app to help streamline the application process. Has a loan program for medical doctors and dentists with down payments as low as 5%. Cons Doesn’t display information online about rates and fees. Doesn't offer home equity loans or HELOCs.Read Full ReviewRead review PrimeLending NMLS#13649
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:580 Min. down payment3% PrimeLending offers conventional loans with down payments as low as 3%. View details Read reviewView details 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 government-backed mortgage and refinance options, including FHA, USDA and VA loans. Cons No online mortgage rates — you have to contact the lender for info. Doesn't offer home equity products.Read Full ReviewRead review BB& T Truist NMLS#399803
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/AUSDA:640JUMBO:N/ACONVENTIONAL:620 Min. down payment3% BB&T Mortgage offers conventional loans for as little as 3% down. View details Read reviewView details Why we like it Good for: borrowers in the Southeast who want the option of face-to-face service. BB&T is now part of Truist Financial Corp., which offers a full menu of home loans. Pros Offers a variety of home loans, including construction-to-permanent loans, physicians loans and jumbo loans. Has a robust online mortgage application. Cons Branches limited to mostly the Southeast region. Custom rates are only available if you speak with a representative.Read Full ReviewRead review SunTrust Truist NMLS#2915
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:620USDA:640JUMBO:N/AFHA:620CONVENTIONAL:620 Min. down payment3% SunTrust Mortgage offers conventional loans for as little as 3% down. View details Read reviewView details Why we like it Good for: first-time home buyers, doctors and other borrowers interested in low-down-payment mortgage options. Pros Offers a wide variety of loan options, including special programs for doctors. Offers a complete suite of online mortgage application tools and loan tracking. Sample rates and fees are easy to find on the website. Cons Customized rates aren't available online without starting an application. Branches are limited mostly to the Southeast.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 Review More from NerdWallet See more Virginia mortgage lenders Calculate your mortgage payment Compare Virginia mortgage rates 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 VHDA Mortgage Lenders of 2021
New American Funding: Best for first-time home buyersGuaranteed Rate: Best for an online experienceFairway Independent Mortgage: Best for veterans & a nonbank experienceCaliber: Best for an online experienceStearns Lending: Best for government-backed loansPrimeLending: Best for USDA loansBB&T (Truist): Best for in-person serviceSunTrust (Truist): Best for in-person serviceloanDepot: Best for a nonbank experience About the author
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