6 Best PHFA Mortgage Lenders of 2021 - NerdWallet Advertiser disclosure
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The Pennsylvania Housing Finance Agency — the PHFA — provides affordable housing to first-time and other buyers. Here are some top-rated participating lenders.NerdWallet Jan 19, 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. The Pennsylvania Housing Finance Agency, or PHFA, is a state-affiliated agency created to help provide affordable housing to first-time home buyers, low- and moderate-income families, seniors and others with special housing needs. To access these programs, you’ll need to work with a participating lender. We researched PHFA’s four-page list of state-approved banks and mortgage companies and compiled a summary of lenders who rank among NerdWallet’s best-rated. » MORE: Explore PHFA loan programs, lenders, rates and income limits The Pennsylvania Housing Finance Agency, or PHFA, is a state-affiliated agency created to help provide affordable housing to first-time home buyers, low- and moderate-income families, seniors and others with special housing needs. To access these programs, you’ll need to work with a participating lender. We researched PHFA’s four-page list of state-approved banks and mortgage companies and compiled a summary of lenders who rank among NerdWallet’s best-rated. » MORE: Explore PHFA loan programs, lenders, rates and income limits Best PHFA 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 nonbank lender620 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 customer service620 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 online capabilities620 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 nonbank lender620 JUMBO:N/AVA:620FHA:580CONVENTIONAL:6205%LoanDepot offers conventional loans with as little as 5% down.Read review Homebridge NMLS#6521Read review 3.5/5 Best for customer service620 FHA:550USDA:550CONVENTIONAL:620JUMBO:N/AVA:5503%Homebridge offers conventional loans for as little as 3% down.Read review PrimeLending NMLS#13649Read review 3.5/5 Best for borrowers with tight finances620 CONVENTIONAL:620FHA:580JUMBO:N/AUSDA:620VA:5803%PrimeLending offers conventional loans with down payments as low as 3%.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 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 Homebridge NMLS#6521
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 FHA:550USDA:550CONVENTIONAL:620JUMBO:N/AVA:550 Min. down payment3% Homebridge offers conventional loans for as little as 3% down. View details Read reviewView details Why we like it Good for borrowers who want a loan officer's help, in person or on the phone, when deciding among the wide range of available mortgage options — including loans to buy and renovate. Pros Offers a full array of mortgage products, including government and renovation loans. Online portal keeps borrowers up to date on the loan application's progress. Offers home equity lines of credit, or HELOCs. Cons Doesn't post interest rates on its site. Lender fees are on the high side, according to the latest federal data.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 Review More PHFA participating mortgage lenders
These are among the highest-volume PHFA-participating mortgage makers in Pennsylvania; however, they haven't been reviewed by NerdWallet. Trident Mortgage Company
Based in Devon, Pennsylvania, and serving the Delaware Valley since 1886. Offers all government-backed mortgages. Get pre-qualified in only a few minutes. Citizens Bank
Earn an interest rate discount when you set up automatic monthly payments from your Citizens Bank checking account. A dedicated loan officer guides you through the homebuying process. Secure document exchange speeds the loan process. First National Bank of Pennsylvania
Monitor and manage the loan process through a secure client portal. Qualifying for a loan can begin with an online application that takes just 20 minutes to complete. Based in Pittsburgh but with loan officers throughout the state. More from NerdWallet How much house can you afford? Compare Pennsylvania mortgage rates See other first-time home buyer programs by state Last updated on January 19, 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 PHFA Mortgage Lenders of 2021
New American Funding: Best for nonbank lenderGuaranteed Rate: Best for customer serviceFairway Independent Mortgage: Best for online capabilitiesloanDepot: Best for nonbank lenderHomebridge: Best for customer servicePrimeLending: Best for borrowers with tight finances About the author
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