7 Best Nonbank Mortgage Lenders of 2025

Nonbank lenders offer convenience and flexibility. See which options stood out in our research.

Last updated on February 3, 2025

Written by

Edited by

Managing Editor

Fact Checked

Written by

Edited by

Managing Editor

Fact Checked

Many or all of the products on this page are from partners who compensate us when you click to or take an action on their website, but this does not influence our evaluations or ratings. Our opinions are our own.

Gone are the days when buying a home meant getting dressed up to visit the loan officer at your local bank.

Nonbank lenders provide an alternative to traditional banks, especially for credit-challenged borrowers or those looking for a more streamlined mortgage experience.

NerdWallet picked some of the best nonbank mortgage lenders in a variety of categories so you can determine which one is right for you.

Why trust NerdWallet

50+ mortgage lenders reviewed and rated by our team of experts.
40+ years of combined experience covering mortgages and financial topics.
Objective, comprehensive star rating system assessing 120+ categories and 5,000+ data points.
Governed by NerdWallet's strict guidelines for editorial integrity.

NerdWallet's mortgage content, including articles, reviews and recommendations, is produced by a team of writers and editors who specialize in home lending. Their work has appeared in The Associated Press, USA Today, The Washington Post, MarketWatch, Newsweek and many other national, regional and local publications. They have been cited in publications including The Wall Street Journal, and appeared on NerdWallet's "Smart Money" podcast as well as local TV and radio.

Why trust NerdWallet

50+ mortgage lenders reviewed and rated by our team of experts.
40+ years of combined experience covering mortgages and financial topics.
Objective, comprehensive star rating system assessing 120+ categories and 5,000+ data points.
Governed by NerdWallet's strict guidelines for editorial integrity.

7 Best Nonbank Mortgage Lenders of 2025

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Lender ▾ ▾	NerdWallet Rating ▾ ▾	Min. credit score ▾ ▾	Min. down payment ▾ ▾	Learn more
Rate: NMLS#2611 Top 3 most visited 🏆 Learn more at Rate at Rate	5.0 /5 Home loans overall Best for overall mortgage experience	620	3%	Top 3 most visited 🏆 Learn more at Rate at Rate
Better: NMLS#330511 Compare More Lenders on NerdWallet	4.5 /5 Home loans overall Best for home equity borrowing	620	3%	Compare More Lenders on NerdWallet
Pennymac: NMLS#35953 Compare More Lenders on NerdWallet	4.5 /5 Home loans overall Best for FHA loans	620	3%	Compare More Lenders on NerdWallet
New American Funding: NMLS#6606 Top 3 most visited 🏆 Learn more at New American Funding at New American Funding	4.5 /5 Home loans overall Best for self-employed borrowers	580	N/A	Top 3 most visited 🏆 Learn more at New American Funding at New American Funding
Veterans United: NMLS#1907 Learn more at Veterans United at Veterans United	4.5 /5 Home loans overall Best for VA loans	620	3%	Learn more at Veterans United at Veterans United
Rocket Mortgage, LLC: NMLS#3030 Learn more at Rocket Mortgage, LLC at Rocket Mortgage, LLC	4.5 /5 Home loans overall Best for low down payment	620	1%	Learn more at Rocket Mortgage, LLC at Rocket Mortgage, LLC

Last updated on February 3, 2025

Methodology

The star ratings on this page reflect each lender's overall star ratings. Read more about how we determine those ratings.

The lenders on this page are chosen using this methodology:

NerdWallet reviewed more than 40 mortgage lenders, including the majority of the largest U.S. mortgage lenders by annual loan volume (measured among lenders with at least a 1% market share), lenders with significant online search volume and those that specialize in serving various audiences across the country.

For inclusion on this roundup, nonbank lenders must score a 4 or above according to our home loans overall methodology. “Nonbank” means mortgage companies that are neither banks nor credit unions.

NerdWallet solicits information from reviewed lenders on a recurring basis throughout the year. All lender-provided information is verified through lender websites and interviews. We also utilized 2023 HMDA data for origination volume, origination fee, average interest rate and share-of-product data.

To recap our selections...

NerdWallet's Best Nonbank Mortgage Lenders of 2025

Rate: Best for overall mortgage experience
Better: Best for home equity borrowing
Pennymac: Best for FHA loans
New American Funding: Best for self-employed borrowers
Veterans United: Best for VA loans
Rocket Mortgage, LLC: Best for low down payment
Network Capital: Best for borrowers with weaker credit

About the author

NerdWallet

NerdWallet writers and editors are experts in their field and come from a range of backgrounds in journalism and finance. We adhere to the highest editorial standards to ensure our readers have the information necessary to make financial decisions with confidence.

Learn more about our editorial guidelines.

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About the editor

Johanna Arnone

Managing Editor

Johanna Arnone helps lead coverage of homeownership and mortgages at NerdWallet. Previously, she worked for more than a decade in magazine publishing, including six years as the editor of Muse, an award-winning science and tech magazine for young readers. She holds a Bachelor of Arts in English literature and a Master of Fine Arts in writing. Johanna has completed coursework in Boston University’s Financial Planning Certificate program. Email: <a href="mailto:[email protected]">[email protected]</a>.

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