Finding the Lender Right for You
If you’re looking for a 203(b) home loan from the FHA, there are thousands of lenders nationwide you can choose from. This can make it difficult to determine where to turn when you need financing – the sheer number of choices makes it difficult to tell lenders worth your time from those that should be avoided. Below, we have compiled the top 10 FHA lenders nationwide, as reported by NerdWallet:
1. Quicken Loans
2. Rocket Mortgage (by Quicken)
3. New American Funding
4. Guaranteed Rate
5. Penny Mac
6. PNC
7. CitiMortgage
8. Flagstar
9. Navy Federal
10. Bank of America
You might notice that all of these are national lenders that operate in all 50 states. Many of them are also accessible online (Quicken Loans) or can be accessed using a smartphone app (Rocket Mortgage). While these are some of the top-rated lenders in the United States as of 2018, it’s important to understand that you may be able to get a better interest rate with a local bank or credit union. You may also be able to find a lender that originates their own loans, thereby reducing your closing costs.