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Best Lenders for FHA Loans in October 2019

At NerdWallet, we strive to help you make financial decisions with confidence. To do this, many or all of the products featured here are from our partners. However, this doesn’t influence our evaluations. Our opinions are our own.

FHA loans in 2019 offer several benefits including low rates and low down payments. If you're interested in an FHA loan, we'll help you choose the right lender for you. Compare some of the best FHA lenders across several categories.

Summary of Best Lenders for FHA Loans in October 2019

LenderBest For

Minimum Credit Score

Minimum Down PaymentLearn More
Quicken Loans

Quicken Loans

at Quicken Loans

FHA overall

620

3%

at Quicken Loans

New American Funding

New American Funding

at New American

nontraditional credit histories

620

3%

at New American

Rocket Mortgage

Rocket Mortgage

at Rocket Mortgage

online experience

620

3%

at Rocket Mortgage

Vylla

Vylla

nontraditional credit histories

620

3%

Read review
PrimeLending

PrimeLending

FHA refinance

620

3%

Read review
Guild Mortgage

Guild Mortgage

online experience

620

3%

Read review
Citibank Mortgage

Citibank Mortgage

first-time home buyers

N/A

3%

Read review
Flagstar

Flagstar

first-time home buyers

620

3%

Read review
Navy Federal

Navy Federal

low down payment

N/A

0%

Read review
Bank of America

Bank of America

low down payment

620

3%

Read review
LenderBest For

Minimum Credit Score

Minimum Down PaymentLearn More
Quicken Loans

Quicken Loans

at Quicken Loans

FHA overall

620

3%

at Quicken Loans

New American Funding

New American Funding

at New American

nontraditional credit histories

620

3%

at New American

Rocket Mortgage

Rocket Mortgage

at Rocket Mortgage

online experience

620

3%

at Rocket Mortgage

Vylla

Vylla

nontraditional credit histories

620

3%

Read review
PrimeLending

PrimeLending

FHA refinance

620

3%

Read review
Guild Mortgage

Guild Mortgage

online experience

620

3%

Read review
Citibank Mortgage

Citibank Mortgage

first-time home buyers

N/A

3%

Read review
Flagstar

Flagstar

first-time home buyers

620

3%

Read review
Navy Federal

Navy Federal

low down payment

N/A

0%

Read review
Bank of America

Bank of America

low down payment

620

3%

Read review
Logo

at Quicken Loans

Quicken Loans

Logo
Min. Credit Score?
620?

Min. Down Payment?
3%?

at Quicken Loans


Why we like it

Ideal for FHA borrowers who like online convenience. Quicken is the largest FHA lender in the nation and a mortgage-technology leader.

Rating and Review

Pros

  • Quicken Loans couples a fully online application with available mortgage advisors for those who want a human touch.

  • Instantly verifies employment and income for more than 60% of working Americans.

  • Offers custom fixed-rate loan terms that are between eight and 30 years.

  • Provides FHA-backed loans, USDA loans as well as products offered by Freddie Mac and Fannie Mae that require down payments as low as 3%.

Cons

  • Doesn't offer home equity loans or HELOCs.

  • If you’re a “look me in the eye” type of customer, you’re out of luck.

  • Doesn’t consider alternative credit data. It just looks at credit scores and debt-to-income ratios, the way most mortgage lenders always have.

Read Full Review
Logo

at New American

New American Funding

Logo
Min. Credit Score?
620?

Min. Down Payment?
3%?

at New American


Why we like it

Ideal for home buyers and refinancers who want an FHA mortgage and need to be evaluated using nontraditional credit criteria.

Rating and Review

Pros

  • Uses manual underwriting to evaluate creditworthiness.

  • Offers full online mortgage application, rate quotes, document upload and loan tracking.

  • Home equity lending sets it apart from most non-bank lenders.

Cons

  • Services not available in all 50 states.

Read Full Review
Logo

at Rocket Mortgage

Rocket Mortgage

Logo
Min. Credit Score?
620?

Min. Down Payment?
3%?

at Rocket Mortgage


Why we like it

Ideal for anyone who appreciates smartphone app service, support and time savings. A fully digital home loan experience with a large variety of mortgage products.

Rating and Review

Pros

  • The site caters to self-service users who want to apply for a home loan without talking to a human unless it’s absolutely necessary.

  • With your authorization, accesses asset statements from 98% of U.S. financial institutions.

  • Tells you the loan amount you’ll qualify for within minutes.

  • Rocket Mortgage’s document and asset retrieval capabilities can save you a bunch of time and hassle.

Cons

  • Doesn't offer home equity loans or HELOCs.

  • If you’re a “look me in the eye” type of customer, you’re out of luck.

  • Doesn’t consider alternative credit data. It just looks at credit scores and debt-to-income ratios, the way most mortgage lenders always have.

Read Full Review
Min. Credit Score?
620?

Min. Down Payment?
3%?


Why we like it

Ideal for first-time home buyers or credit-challenged borrowers who may have trouble qualifying for a mortgage.

Rating and Review

Pros

  • Low minimum credit score.

  • Online application, loan tracking and document upload.

  • Free rate locks.

Cons

  • No online preapproval.

  • No presence in Massachusetts or North Dakota.

Read Full Review

PrimeLending

Logo
Min. Credit Score?
620?

Min. Down Payment?
3%?


Why we like it

Ideal for borrowers with past credit issues and those looking for down payment and closing cost assistance programs.

Rating and Review

Pros

  • Low rate of consumer complaints filed with the Consumer Financial Protection Bureau.

  • Offers a "float-down" interest rate lock.

  • Offers a proprietary closing-cost assistance program.

Cons

  • No online mortgage rates.

  • Charges an origination fee.

  • Doesn't offer home equity products.

Read Full Review

Guild Mortgage

Logo
Min. Credit Score?
620?

Min. Down Payment?
3%?


Why we like it

Ideal for borrowers with a relatively high credit score who may need down payment assistance or help from a state housing agency.

Rating and Review

Pros

  • Works with loan programs offered by state and local housing agencies.

  • Specializes in mortgages for first-time home buyers.

  • Almost half of its loans are low-down-payment government mortgages.

  • Considers alternative credit, such as history of payments on rent and utilities.

Cons

  • With a concentration of offices in the West and South, Guild has little presence in the Northeast and Midwest.

  • Jumbo borrowers may find that banks are more competitive when it comes to large loan amounts.

Read Full Review

Citibank Mortgage

Logo
National / Regional?
National?

Min. Down Payment?
3%?


Why we like it

Ideal for borrowers with nontraditional credit. FHA mortgages from CitiMortgage feature low down payment options and flexible financial requirements so it's easier for first-time borrowers to obtain a home loan.

Rating and Review

Pros

  • Low down payment options.

  • Discounts for Citibank customers.

  • Looks at alternative credit data like rent history and child support payments.

  • Available in all 50 states.

Cons

  • Charges a mortgage application fee.

  • Did not disclose origination fees, which may vary.

  • Can't complete loan online.

Read Full Review

Flagstar

Logo
Min. Credit Score?
620?

Min. Down Payment?
3%?


Why we like it

Ideal for FHA borrowers who appreciate face-to-face service. Flagstar embraces FHA-backed mortgages, well suited for borrowers looking to qualify with rental payments, utility bills and other nontraditional credit sources.

Rating and Review

Pros

  • Embraces FHA-backed home loans.

  • Offers several types of construction and renovation mortgages.

  • A professional loan package is tailored for the needs of doctors, lawyers, nurse practitioners, airline pilots and certified public accountants.

  • Flagstar reps are familiar with low-down-payment state bond programs for first-time home buyers and income-limited households, as well as the areas that qualify for USDA loans.

  • Offers home equity loans and home equity lines of credit.

Cons

  • Charges an average $1,295 in underwriting and processing fees.

Read Full Review

Navy Federal

Logo
National / Regional?
National?

Min. Down Payment?
0%?


Why we like it

Ideal for military personnel and their families. FHA mortgages from Navy Federal Credit Union include alternative credit scoring so it's easier for first-time borrowers to obtain a home loan.

Rating and Review

Pros

  • Wide range of affordable mortgage products designed for military members.

  • Willing to look at nontraditional credit data, such as rent payments, as part of its credit evaluation for certain products.

  • Lower minimum loan amounts than many other lenders.

  • Online application for preapproval with quick decision.

  • $1,000 mortgage rate match program.

  • Operates nationwide.

Cons

  • Charges application and underwriting fees.

  • Origination charge on a typical conventional loan is 1% of the loan amount.

Read Full Review

Bank of America

Logo
Min. Credit Score?
620?

Min. Down Payment?
3%?


Why we like it

Ideal for borrowers who value a traditional bank with high-tech tools. Bank of America's Home Loan Navigator allows you to track the lending process online and upload paperwork digitally.

Rating and Review

Pros

  • Allows borrowers to apply entirely online.

  • Offers down payment and closing cost assistance programs.

  • Accepts alternative credit data for some loan types.

  • May give existing customers a discount on mortgage lender origination fees.

Cons

  • Charges an application fee of $1,170, on average.

  • Has a high volume of consumer complaints, even for a big national bank.

Read Full Review

Methodology

NerdWallet's selection of mortgage lenders for inclusion here was made based on our evaluation of the products and services that lenders offer to consumers who are actively shopping for the best mortgage. The six key areas we evaluated include the loan types and loan products offered, online capabilities, online mortgage rate information, customer service and the number of complaints filed with the Consumer Financial Protection Bureau as a percentage of loans issued. We also awarded lenders up to one bonus star for a unique program or borrower focus that set them apart from other lenders. To ensure consistency, our ratings are reviewed by multiple people on the NerdWallet Mortgages team.

To recap our selections...

NerdWallet's Best Lenders for FHA Loans in October 2019

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