The Best FHA Lenders of 2023
Why use LendingTree?
The best FHA lenders offer borrowers a variety of loan options backed by the Federal Housing Administration (FHA), as well as an online experience that includes detailed rate and product information. Our picks, based on LendingTree’s 35 lender reviews and an analysis of each lender’s FHA programs, represent the lenders offering a top-tier experience to FHA borrowers with a wide variety of needs.
On this page
- Best overall FHA lender: AmeriSave Mortgage
- Best for FHA loans with bad credit: Carrington Mortgage Services
- Best online experience: Flagstar Bank
- Best for access to mortgage rates online: PennyMac
- Summary of the best FHA mortgage lenders of 2023
- How we chose our picks for the best FHA lenders
- Current mortgage rates
- Frequently asked questions
Best overall FHA lender: AmeriSave Mortgage
| AmeriSave Mortgage at a glance
- Minimum credit score (FHA loans): 600
- Minimum down payment (FHA loans): 3.5%
- Available FHA loan programs: Purchase, streamline refinance, cash-out refinance
- Additional loan products: Conventional, VA, USDA, jumbo
- LendingTree rating:
Why we chose AmeriSave Mortgage
AmeriSave Mortgage, based in Atlanta, lends to borrowers in 49 states (New York excluded) and the District of Columbia. With over 20 years of issuing mortgages, the company offers three out of the four popular FHA loan programs we look for: purchase, streamline refinance and cash-out refinance. None of the lenders in our roundup offer FHA 203(k) loans, a type of FHA loan used for home construction, so AmeriSave is still top of the class for loan variety. Its robust suite of FHA programs, paired with a strong online experience that includes an online application and rate information, pushed AmeriSave to the top of our list of the best overall FHA lenders. AmeriSave’s rates are updated regularly and can be customized to your situation.
Best for FHA loans with bad credit: Carrington Mortgage Services
| Carrington Mortgage Services at a glance
- Minimum credit score (FHA loans): 500
- Minimum down payment (FHA loans): 3.5%
- Available FHA loan programs: Purchase, refinance, streamline refinance
- Additional loan products: Conventional, VA, jumbo, USDA
- LendingTree rating:
Why we chose Carrington Mortgage Services
If you’re looking for a lender that’s willing to take a chance on borrowers with low credit, Carrington could be a great choice for you. The company not only offers a variety of FHA loans, but it’s also willing to accept borrowers with only a 500 credit score. That’s about 150 points lower than what the lenders we reviewed require on average.
Best online experience: Flagstar Bank
| Flagstar Bank at a glance
- Minimum credit score (FHA loans): 580
- Minimum down payment (FHA loans): 3.5%
- Available FHA loan programs: Purchase
- Additional loan products: Conventional, VA, USDA, jumbo, HELOCs
- LendingTree rating:
Why we chose Flagstar Bank
Flagstar, established in 1987, is the third-largest savings bank in the U.S. and issues home loans in all 50 states. It doesn’t offer a huge variety of FHA loan products, but if you want a lender with a stellar online experience, look no further. Flagstar publishes rates online, offers helpful product information and resources about mortgage lending on its website and has a convenient online application. And if you’re hoping for a great online experience paired with the option to go in person to a brick-and-mortar location, you may be in luck: Flagstar operates branches in a handful of states across the nation.
Best for access to mortgage rates online: PennyMac
| PennyMac at a glance
- Minimum credit score (FHA loans): 580
- Minimum down payment (FHA loans): 3.5%
- Available FHA loan programs: Purchase, streamline refinance, cash-out refinance
- Additional loan products: Conventional, VA, home equity, jumbo
- LendingTree rating:
Why we chose PennyMac
PennyMac is a large mortgage lender based in California, offering home loans in all 50 states and some U.S. territories. The rate-shopping experience you’ll find on PennyMac’s website is a relief compared to some lenders that either don’t publish rates at all or force you to fill out a form before you can view their rates. PennyMac is also one of the few lenders we came across that place FHA loan rates front and center in their general rate information, right next to conventional and other loan types. The only limitation is that the rates interface doesn’t allow you to alter what rates are showing by credit score, location, home price or any other factor. For customized rates, you’ll have to bite the bullet and complete the form.
Summary of the best FHA mortgage lenders of 2023
| Lender | LendingTree rating and best of category | Minimum credit score (FHA loans) | Minimum down payment (FHA loans) | Lender review |
|---|---|---|---|---|
 |  Best overall FHA lender | 600 | 3.5% | Read our review |
 |  Best for FHA loans with bad credit | 500 | 3.5% | Read our review |
 |  Best online experience | 580 | 3.5% | Read our review |
 | Best for online mortgage rates | 580 | 3.5% | Read our review |
How we chose our picks for the best FHA lenders
To determine the best FHA loan lenders, we reviewed data collected from 35 lender reviews completed by the LendingTree editorial staff for 2023.
Each lender review gives a rating between zero and five stars based on several features including digital application processes, available loan products and the accessibility of product and lending information. To evaluate FHA-specific factors, we awarded extra points to lenders that publish FHA mortgage rates online, offer at least four FHA loan types (FHA purchase loans, FHA streamline refinances, FHA cash-out refinances, FHA 203(k) loans) and adhere to the 580 minimum credit score guidelines set by the FHA.
Our editorial team brought together all of the data about lenders in our lender reviews, as well as the scores awarded for FHA-specific characteristics, to find the lenders with a product mix, information and guidelines that best serve the needs of FHA loan borrowers. To be considered for our “best overall” pick, lenders had to be able to issue mortgages in over 35 states.
Current mortgage rates
The end of 2022 was a tough time for homebuyers. Not only did they face rapidly rising mortgage interest rates, but they also had to contend with inflation, supply-chain disruptions and other factors that may have strained and constrained their purchasing power in a tough housing market.
However, the forecast for mortgage rates, as of early 2023, is reasonably optimistic: Rates have started to decline and are expected to continue to do so. Inflation, which hindered Americans’ ability to reach their financial goals in 2022, looks like it is easing. This may put the FHA loan requirements in reach for more people.
Here’s a look at mortgage rates today:
Frequently asked questions
You can look up today’s average mortgage rate at the St. Louis Fed website or use LendingTree’s platform to compare offers that are more tailored to your specific financial situation. That said, it’s important to know that today’s rates are less important than the rates you will have access to on the day you’re ready to begin the purchasing process. When that day comes, make sure to get a rate lock so that you don’t have to worry about rates going up between when you apply for a loan and your closing date.
There’s no way to know for sure, but market experts are expecting rates to continue to fall, ultimately reaching around 5.4% by the end of 2023.
Ultimately, the mortgage rates you are offered by lenders are determined not just by the lender and loan program, but also by your financial profile and the details of the property you want to buy. The best mortgage rates go to those with higher credit scores, larger down payments and shorter loan terms — and those who are willing to go with an adjustable-rate mortgage. Even something as basic as the location of your new home can change the offers you’ll see from lenders. An easy way to explore how location factors may affect your rates is to use the Consumer Financial Protection Bureau’s Explore Interest Rates Tool.