Top 5 FHA Lenders in Minnesota 2019
If you’re interested in getting a home loan in Minnesota, you won’t be short of options. Minnesota currently has a population of almost 5.6 million, and, since interest rates are still extremely low, it could be a perfect time to purchase a home. Across the state, home values rose nearly 7 percent between December 2017 and December 2018.
Since home values are estimated to rise by a whopping 8.5% in the next year, both experienced and first-time home buyers will want to do everything they can to reduce their housing expenses. This starts with getting a great mortgage. 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 Minnesota and how they can help guide you on your quest to home ownership.
2019 Minnesota FHA Lender Best Picks
Best for First Time Home Buyers: Fairway Independent Mortgage Corporation
Best Online Experience: Guaranteed Rate
Best Local Lender: Axia Home Loans
Best Face-to-Face Experience: Ditech Home Loans
Best Overall Performance: Quicken Loans
#1 Minnesota FHA Lender: Quicken Loans
Finding a mortgage online may have seemed sketchy at best a decade ago, but the amazing team over at Quicken loans has truly set the standard for the online mortgage experience. Quicken Loans (and it’s online division Rocket Mortgage) have made FHA financing as simple and straightforward as possible.
The online FHA loan process is highly geared towards a streamlined user experience. Progress on the status of an FHA loan application can be easily tracked online, and preapproval for an FHA loan can be completed in a matter of minutes.
The service even keeps applicants posted with any documentation they may have forgotten or still need to provide. The real icing on the cake comes from the support staff that can be reached by phone or through the website that is standing by to offer their advisory services and answer any questions a potential borrower may have.
#2 Minnesota FHA Lender: Axia Home Loans
A company after our own hearts, Axia Home Loans operates on the basis of educating the home buyers who choose them both before and during the mortgage process. According to them, A comfortable closing is their goal.
Closings, of course, can be a rough time for any home buyer, but the specialists at Axia are more than capable of creating an environment where the home buyer is confident and ready to for anything. Axia’s loan officers specialize in customer satisfaction, so at no point should a home buyer ever feel as though they have no one to turn to.
User reviews show that past clients are mostly impressed by the companies dedication to providing excellent service and advice to its client base. The level of knowledge and determination will surely be more than capable of getting even the most difficult home loan transactions closed.
#3 Minnesota FHA Lender: Guaranteed Rate
A Kingpin of the online mortgage trend that plays a large role in FHA financing is Guaranteed Rate. Their participation in the digital mortgage wave leaves many other platforms lacking by comparison.
Guaranteed Rate is also extremely experienced with the origination of FHA loans. FHA financing through one of the best digital mortgage platforms available makes them serious competition to other FHA lenders, and highly favored among repeat and first time home buyers. FHA products are one of highest selling loans through guaranteed rate.
The online platform makes securely uploading the important financial documentation requested for a loan approval fast and easy. Borrowers can even check their credit scores through the service, rather than go elsewhere. Guaranteed Rate is one of the rare few digital mortgage platforms where a mortgage loan can be closed without ever needing to speak with someone unless requested by the home buyer.
#4 Minnesota FHA Lender: Fairway Independent Mortgage Corporation
A rapidly growing name in the national home finance industry, Fairway Independent Mortgage Corporation is one of the best options for FHA financing across the country. Home buyers will agree that it’s actually pretty easy to find a Fairway location when its time to get a home loan. Beyond that, their customer service is well known to be top notch.
Fairway Independent Mortgage Corporation has stunning reviews from its client base over the years. One thing they seem to excel in is cutting down the closing costs that borrowers are expected to pay at the end of a mortgage transaction, as well as facilitation a faster closing.
Fairway may very well be the best option for first time home buyers on this list. Their attention to detail and completely transparent methodology is perfect for obtaining an FHA loan at a great rate in a stress-free environment.
#5 Minnesota FHA Lender: Ditech Home Loans
The mortgage process was never designed to be simple or easy, but that still doesn't stop the team at Ditech from making it feel that way. Ditech has been in the mortgage business for quite some time now, and they are experts at FHA financing.
Still, it wasn’t until recent revamps to the company that Ditech truly blossomed into the powerhouse that it is now, truly deserving of a place in the top 5 best FHA lenders. Ditech loan officers work hard at bridging the gap between mortgage professionals and home buyers, creating a dialogue about every step in the mortgage transaction as it transpires.
Home Buyers can be confident in the prowess of Ditech loan officers, who consistently find the lowest possible rates and fees for their clients. They are even among the top lenders when it comes to an easy closing, with minimal stress.
Shop Around Before You Get a Minnesota FHA Loan
Our picks for the best FHA lenders in Minnesota 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!