Top 5 FHA Lenders in Massachusetts 2019
Home Buyers looking for the best lenders in Massachusetts have a lot of shopping around to do. Massachusetts is home to around 6.9 million people, and with today’s mortgage rates as low as they are, the housing market is ready for serious home buyers. Home values in Massachusetts increased by a significant 5.6% percent between December 2017 and December 2018, and are estimated to rise by another 10.0% by December 2019. That could make Massachusetts the #1 housing markets in America in the next 12 months.
The upward trend of rising home values makes it the prime time for home buyers on the market for a mortgage loan to do everything they can to keep their housing costs as low as possible. Getting a great mortgage would probably be the best place to start. And, since FHA loans offer low interest rates, down payments as little as 3.5%, and an ultra-low 580 credit score requirement, they’re often some of the most desirable loans for home buyers like you.
In this article, we’ll review the best FHA approved lenders in Massachusetts and how they can help you on your quest to home ownership.
2019 Massachusetts FHA Lender Best Picks
Best for First Time Home Buyers: Mortgage Network, Inc.
Best Online Experience: Quicken Loans
Best Local Lender: Leader Bank, N.A.
Best Face-to-Face Experience: New American Funding
Best Overall Performance: Guaranteed Rate
#1 Massachusetts FHA Lender: Mortgage Network, Inc.
Mortgage Network, Inc. claims to be one of the most trusted mortgage lenders on the East Coast, and it has the reviews to back it up. Plus, Mortgage Network, Inc. is headquartered in Danvers, MA, so borrowers will be relieved to know they’re doing business locally. Though the company is based in Massachusetts and has more than 10 locations throughout the state, they also have branches in a variety of other states, including Maine, New Hampshire, Delaware, Florida, New Jersey, Maryland, South Carolina, and Rhode Island.
Like many FHA-approved lenders, the company is also approved to issue VA loans, USDA loans, and conventional loans, so even if you decide that an FHA loan isn’t the right choice for you, Mortgage Network can still help you achieve home financing.
#2 Massachusetts FHA Lender: Quicken Loans
Quicken Loans is a true mainstay on our lists of top FHA lenders in each state, and there’s a good reason why. If you want to get approved for a loan fast, online, and with as little hassle as possible, Quicken Loans is pretty much the best option you have. Plus, with Quicken’s high volume of loans, they could be more likely to get you a great rate when compared with a smaller local lender.
Quicken Loans might be the undisputed king of online lending, but online lending isn’t every borrower's cup of tea. In fact, a lot of borrowers, especially older ones, like sitting down in person with a loan officer to discuss their options and concerns and to learn more about the entire mortgage process. If this describes you, you might be better off choosing a local lender-- or at least one with more in-person offices (hint: Guaranteed Rate has 14 offices throughout the state of Massachusetts, which could make it a better choice).
#3 Massachusetts FHA Lender: Leader Bank, N.A.
Leader Bank, founded in Arlington, Massachusetts, in 2002, consistently ranks as one of the best local mortgage lenders in the Old Bay State. While the bank considers itself a community establishment, it isn’t quite a mom and pop shop; with over 250 employees, the bank closed more than $2 billion of residential and commercial loans in 2018 alone.
#4 Massachusetts FHA Lender: New American Funding
New American Funding, Inc, is a nationwide mortgage lender headquartered in Orange County, California-- though they have nearly 200 branches around the U.S., including one in Dedham, Massachusetts. New American Funding consistently gets high reviews for its customer service and individualized attention to customers, regardless of what kind of loan they want. In addition, much like many other FHA lenders, New American Funding offers a variety of different loan products, including VA loans, USDA loans, jumbo loans, reverse mortgages, and even certain types of interest-only loans.
#5 Massachusetts FHA Lender: Guaranteed Rate
With 317 locations (including 14 in Massachusetts) and an incredibly efficient online mortgage app, it’s no surprise that Guaranteed Rate is on almost every list of the best FHA lenders in each state. While it’s true that Quicken Loans has taken the crown as the #1 lender in the U.S., not everyone likes the company’s focus on a purely online experience-- and many more traditional borrowers crave a little facetime with a good, old-fashioned mortgage broker. But that doesn’t mean that they don’t want to apply online to start the process. Fortunately, Guaranteed Rate combines the best of both worlds, with fantastic in-person and online service to appease every kind of borrower.
Shop Around Before You Get a Massachusetts FHA Loan
Our picks for the best FHA lenders in Massachusetts may not necessarily represent the best lender for your financial situation, goals, and desires. Everyone’s story is unique, and sometimes the best mortgage terms can be found in the most obscure places. As a home buyer, regardless of experience or lack thereof, the best plan of action is to shop around with multiple lenders to find out which one can provide the ideal home loan that comes with the terms and affordability that best suits any particular financial situation.
While looking at reviews can be a huge help, getting a one on one consultation could mean saving thousands. If you’d like some help in locating the best FHA lender in your area, don't hesitate to contact a home.loans mortgage expert!