14 Best CalHFA Mortgage Lenders of 2024
CalHFA loan programs help you purchase a home in California with down payment and closing cost assistance. See our picks for CalHFA participating lenders.
Last updated on February 26, 2024
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Senior WriterSome or all of the mortgage lenders featured on our site are advertising partners of NerdWallet, but this does not influence our evaluations, lender star ratings or the order in which lenders are listed on the page. Our opinions are our own. Here is a list of our partners and here's how we make money.
The California Housing Finance Agency (CalHFA), provides mortgage and assistance programs to help those in California buy their first home. Anyone who hasn’t owned and occupied their own home in the past three years is considered a first-time buyer.
To take advantage of these loan programs, you’ll have to work with a participating loan officer. NerdWallet compared more than 50 lenders and identified the top-rated banks and mortgage companies that participate in CalHFA loan programs. When reaching out to a lender, ask for a loan officer who is trained to process CalHFA loans. » MORE: Explore California first-time home buyer programs
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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.
14 Best CalHFA Mortgage Lenders of 2024
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Lender ▾ ▾ | NerdWallet Rating ▾ ▾ | Min. credit score ▾ ▾ | Min. down payment ▾ ▾ | Learn more |
|---|---|---|---|---|
 Rate: NMLS#2611 LEARN MORE on NerdWallet | 620 | 3% | LEARN MORE on NerdWallet | |
 Flagstar: NMLS#417490 LEARN MORE on NerdWallet | N/A | 5% | LEARN MORE on NerdWallet | |
 New American Funding: NMLS#6606 Top 3 most visited 🏆 Learn more at New American Funding | 580 | 0% | Top 3 most visited 🏆 Learn more at New American Funding | |
 Wintrust Mortgage: NMLS#449042 LEARN MORE on NerdWallet | 620 | 3% | LEARN MORE on NerdWallet | |
 loanDepot: NMLS#174457 LEARN MORE on NerdWallet | 620 | 3% | LEARN MORE on NerdWallet |
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on NerdWallet
Why We Like ItRate boasts a streamlined application process, with full underwriting in as little as one business day, though average fees are higher than many competitors’.
Pros
- Fully underwritten mortgage approval in as little as one day for qualified borrowers.
- Generous selection of loans, including government-backed, interest-only, jumbo and renovation.
- Advertises a HELOC that can be funded in as few as five business days.
Cons
- Origination fees are on the high side, according to the latest federal data.
- HELOC requires immediate, full withdrawal of funds.
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on NerdWallet
Why We Like ItFlagstar Bank stands out for its range of accessible loans and programs, including loans with flexible requirements and down payment grant options. Its mortgage operations will be acquired by Mr. Cooper in 2024.
Pros
- Conventional loan terms extend to 40 years, which is unusually flexible.
- Offers options for high-balance mortgages.
- Offers specialized mortgages for professionals, such as doctors and lawyers, starting their careers.
- Reported average time to close (20-30 days) is faster than industry standard.
Cons
- The lender’s mobile app is focused on banking, not mortgages.
- Conventional fixed-rate mortgages require a 5% minimum down payment, higher than some competitors.
Learn more
at New American Funding
Why We Like ItGood 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.
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on NerdWallet
Wintrust Mortgage: NMLS#449042
3.5
Home loans overall
NerdWallet ratingMin. credit score
620
Min. down payment
3%
Why We Like ItWintrust offers a solid variety of loan types with expertise in government-backed mortgages, but its website lacks some common do-it-yourself features, including the ability to customize rates online.
Pros
- Highly rated mobile app.
- Has construction-to-permanent loans.
- Offers up to $6,000 in down payment assistance to borrowers in Illinois and Wisconsin.
Cons
- Can’t customize rates online.
- No chatbot or live chat for customer service.
- Average origination fee is on the high side, according to the latest federal data.
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on NerdWallet
Why We Like ItLoanDepot is a large nonbank lender that offers the potential for a streamlined mortgage process and cash back, but to start an application or get a rate quote you must work with a loan officer over the phone.
Pros
- Offers a variety of repayment terms for fixed-rate loans.
- Does a substantial amount of business in FHA lending.
- mello smartloan product can streamline mortgage application, appraisal and title search.
Cons
- Interest rates are not available on the website.
- Origination fees are on the higher end, according to the latest federal data.
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on NerdWallet
Why We Like ItU.S. Bank stands out for online convenience and impressive mortgage options, from government-backed loans to boutique mortgages. Home improvement loans and borrower assistance are available.
Pros
- Offers up to $17,500 in down payment and closing cost assistance.
- Wide variety of mortgage types.
- Experienced with construction-to-permanent and renovation loans.
Cons
- Assistance programs limited to select cities and states.
- Online rate tool doesn’t customize by credit score.
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on NerdWallet
Why We Like ItGood for: borrowers who are looking for an ITIN loan.
Pros
- Offers government loans, down payment assistance loans and ITIN loans, among other options.
- Has branch locations across the country for borrowers who prefer an in-person experience.
- Site has a live chat feature.
Cons
- Mortgage rates and origination fees are higher than the majority of lenders.
- Borrowers must contact the lender for specific information about their loan offerings and interest rates.
- Does not offer home equity products or adjustable-rate mortgages.
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on NerdWallet
Why We Like ItGood for: borrowers with nontraditional credit who value a debt-free lifestyle. Churchill advocates debt-free homeownership and helps customers try to achieve that goal.
Pros
- Experienced at underwriting loans for borrowers without credit scores.
- Offers conventional mortgages for manufactured homes.
- Has conveniences such as online chat and a mobile app.
Cons
- Doesn't provide sample or customized mortgage rates on its website.
- Mortgage rates and fees are on the high side, according to the latest federal data.
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on NerdWallet
CrossCountry Mortgage: NMLS#3029
4.0
Home loans overall
NerdWallet ratingMin. credit score
620
Min. down payment
3%
Why We Like ItCrossCountry Mortgage has an impressive selection of grants and loans for first-time buyers, and customer service receives high praise, but it doesn’t post rates online or offer a mobile app.
Pros
- Receives high marks for customer satisfaction, according to J.D. Power and Zillow.
- Qualified borrowers can receive up to $6,500 in down payment assistance.
- Offers conventional loans for manufactured homes.
Cons
- Doesn’t post rates online.
- No mobile app.
- Fees are on the high side, according to the latest federal data.
Learn more
at Fairway Independent Mortgage
Fairway Independent Mortgage: NMLS#2289
2.5
Home loans overall
NerdWallet ratingMin. credit score
620
Min. down payment
3%
Why We Like ItFairway Independent Mortgage Corporation has many brick-and-mortar branches and a reputation for top-notch customer service, but it was recently penalized for redlining.
Pros
- Loan options include government-backed mortgages and physician loans.
- Offers first-time home buyer grants to buyers in eligible locations.
- Highest scoring mortgage lender for customer satisfaction, according to J.D. Power.
Cons
- Mortgage rates aren't posted online.
- Online customer service requires contact information and phone is for existing customers only.
- Home equity loans and HELOCs are not available.
- Has been penalized for redlining.
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on NerdWallet
Guild Mortgage: NMLS#3274
4.0
Home loans overall
NerdWallet ratingMin. credit score
N/A
Min. down payment
3%
Why We Like ItGuild offers a number of loans and programs that stand out, including renovation loans and home equity products. However, Guild does not have a mobile app, and interest rates aren’t published online.
Pros
- Offers several programs to make homeownership more accessible.
- Offers loans for manufactured homes.
- Renovation loan options are available.
Cons
- Does not publish interest rates online.
- No mortgage mobile app.
- Loans are not available in every state.
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on NerdWallet
Movement Mortgage: NMLS#39179
3.5
Home loans overall
NerdWallet ratingMin. credit score
620
Min. down payment
3%
National / regional
National
Why We Like ItMovement Mortgage has a relatively high market share of FHA loans and offers some harder-to-find types, like FHA 203(k) loans.
Pros
- Average closing time under 25 days, faster than the national average.
- Offers down payment and closing cost assistance for FHA loans, with no income limits.
- Profit-sharing model supports charitable giving through the Movement Foundation.
Cons
- Doesn’t post mortgage rates online.
- No online chat for customer service.
- Average origination fee is on the high side, according to the latest federal data.
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on NerdWallet
PrimeLending: NMLS#13649
4.0
Home loans overall
NerdWallet ratingMin. credit score
620
Min. down payment
3%
Why We Like ItPrimeLending stands out for its wide variety of loan types, including non-QM loans and renovation and construction options, but lacks some technical features like online rates or a mobile app.
Pros
- Offers closing cost assistance.
- Wide variety of loan types, including non-QM loans.
- Mortgages are available for manufactured homes, including 3D-printed houses.
Cons
- Loans are not available in all states.
- Rates are not posted online.
- Does not have a mobile app.
Learn more
at Northpointe
Northpointe: NMLS#447490
4.5
Home loans overall
NerdWallet ratingMin. credit score
620
Min. down payment
3%
Why We Like ItIn addition to standard options like conventional and government-backed loans, including FHA loans, Northpointe Bank’s mortgage portfolio includes rarer offerings like doctor loans, condominium loans, investment property loans and loans for borrowers with credit challenges.
Pros
- Closing may be available within 15 business days.
- Offers loans and programs aimed at making homeownership more accessible.
- Offers mortgages for investment properties, including jumbo loans.
Cons
- Average mortgage origination fees are on the high side, according to the latest data.
- Bank’s mobile app isn’t useful for mortgage borrowers.
More from NerdWallet
Last updated on February 26, 2024
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 average interest rate 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. Lenders listed on this page participate in the CalHFA program and earned at least 3 stars in NerdWallet's home loans overall rating.
NerdWallet's Best CalHFA Mortgage Lenders of 2024
- Rate: Best for first-time home buyers
- Flagstar: Best for first-time home buyers
- New American Funding: Best for underserved communities
- Wintrust Mortgage: Best for variety of loan types
- loanDepot: Best for fixer-uppers
- U.S. Bank: Best for mobile app
- Alterra: Best for mobile app
- Churchill: Best for buyers with nontraditional credit
- CrossCountry Mortgage: Best for customer satisfaction
- Fairway Independent Mortgage: Best for variety of loan types
- Guild Mortgage: Best for variety of loan types
- Movement Mortgage: Best for customer satisfaction
- PrimeLending: Best for fixer-uppers
- Northpointe: Best for buyers with credit challenges
