16 Best Mortgage Lenders for First-Time Home Buyers in 2022
These mortgage lenders cater to first-time home buyers with low down payments, grant programs and educational materials.
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For first-time home buyers, finding the right mortgage can be a big challenge. You want to work with a lender that can give you the best rate, the right term and the lowest closing costs, as quickly and efficiently as possible.
NerdWallet has picked some of the best mortgage lenders for first-time home buyers in a variety of categories so you can quickly decide which one is right for you.
For first-time home buyers, finding the right mortgage can be a big challenge. You want to work with a lender that can give you the best rate, the right term and the lowest closing costs, as quickly and efficiently as possible.
NerdWallet has picked some of the best mortgage lenders for first-time home buyers in a variety of categories so you can quickly decide which one is right for you.
Best Mortgage Lenders for First-Time Home Buyers in 2022
Lender | NerdWallet Rating | Min. credit score | Min. down payment | Learn More |
---|---|---|---|---|
![]() NASB: NMLS#400039 Learn more at NASB | Best for first-time home buyers overall | 620 | 3% | Learn more at NASB |
NBKC: NMLS#409631 Learn more at NBKC | Best for online experience | 620 | 3% | Learn more at NBKC |
![]() Veterans United: NMLS#1907 Learn more at Veterans United | Best for digital convenience | 620 | 0% | Learn more at Veterans United |
![]() Guaranteed Rate: NMLS#2611 Learn more at Guaranteed Rate | Best for variety of loan types | 620 | 3% | Learn more at Guaranteed Rate |
![]() Chase: NMLS#399798 Learn more at Chase | Best for assistance programs | 620 | 3% | Learn more at Chase |
Northpointe: NMLS#447490 Learn more at Northpointe | Best for digital convenience | 620 | 3% | Learn more at Northpointe |
![]() Bank of America: NMLS#399802 Learn more at Bank of America | Best for assistance programs | 660 | 5% | Learn more at Bank of America |
![]() PenFed: NMLS#401822 | Best for low-income borrowers | 620 | 3% | Read review |
![]() PNC: NMLS#446303 | Best for low down payments | 620 | 3% | Read review |
![]() Wells Fargo: NMLS#399801 | Best for online experience | 620 | 3% | Read review |
![]() Flagstar: NMLS#417490 | Best for low down payments | 620 | 3% | Read review |
![]() Citibank: NMLS#412915 | Best for assistance programs | N/A | 3% | Read review |
![]() Carrington: NMLS#2600 | Best for nontraditional credit | 620 | 3% | Read review |
![]() State Employees Credit Union: NMLS#430055 | Best for digital convenience | 640 | 3% | Read review |
![]() US Bank: NMLS#402761 | Best for variety of loan types | 620 | 3% | Read review |
![]() Wintrust Mortgage: NMLS#449042 | Best for digital convenience | 620 | 3% | Read review |

at Veterans United
Veterans United: NMLS#1907

Min. credit score
620Min. down payment
0%at Veterans United

at Guaranteed Rate
Guaranteed Rate: NMLS#2611

Min. credit score
620Min. down payment
3%at Guaranteed Rate
at Northpointe
Northpointe: NMLS#447490
Min. credit score
620Min. down payment
3%at Northpointe

at Bank of America
Bank of America: NMLS#399802

Min. credit score
660Min. down payment
5%National / regional
Nationalat Bank of America
PenFed: NMLS#401822

Min. credit score
620Min. down payment
3%Wells Fargo: NMLS#399801

Min. credit score
620Min. down payment
3%Flagstar: NMLS#417490

Min. credit score
620Min. down payment
3%Citibank: NMLS#412915

National / regional
NationalMin. down payment
3%Carrington: NMLS#2600

Min. credit score
620Min. down payment
3%State Employees Credit Union: NMLS#430055

Min. credit score
640Min. down payment
3%US Bank: NMLS#402761

Min. credit score
620Min. down payment
3%Wintrust Mortgage: NMLS#449042

Min. credit score
620Min. down payment
3%How do I choose a mortgage lender?
Once you have an idea of the type of mortgage you're looking for, finding the right lender may be easier than you think, especially when you compare at least three lenders and let them compete for your business. It's likely one lender's mortgage package will rise above the others’ — with a lower rate and lower fees.
More from NerdWallet
Last updated on February 28, 2022
Methodology
The star ratings on this page reflect each lender's overall star ratings. Read more about how we determine those ratings. The lenders on this page are chosen using this methodology:
NerdWallet reviewed nearly 60 mortgage lenders, including the majority of the largest U.S. mortgage lenders by annual loan volume (lenders had to have at least a 1% market share), lenders with significant online search volume and those that specialize in serving various audiences across the country.
All reviewed mortgage lenders that offer programs for first-time home buyers were evaluated based on (1) the portion of their business dedicated to FHA and VA lending, (2) their ability to offer conventional loans with a down payment as low as 3%, (3) their origination fees, (4) their proprietary first-time home buyer loans or assistance (e.g. grants or loans to cover down payment and closing costs), (5) mortgage rate transparency, and (6) the ease of their online application. The highest scoring lenders appear on this page.
NerdWallet solicits information from reviewed lenders on a recurring basis throughout the year. All lender-provided information is verified through lender websites and interviews. We also utilized 2020 HMDA data for origination volume, origination fee, rate spread and share-of-product data.
To recap our selections...
NerdWallet's Best Mortgage Lenders for First-Time Home Buyers in 2022
- NASB: Best for first-time home buyers overall
- NBKC: Best for online experience
- Veterans United: Best for digital convenience
- Guaranteed Rate: Best for variety of loan types
- Chase: Best for assistance programs
- Northpointe: Best for digital convenience
- Bank of America: Best for assistance programs
- PenFed: Best for low-income borrowers
- PNC: Best for low down payments
- Wells Fargo: Best for online experience
- Flagstar: Best for low down payments
- Citibank: Best for assistance programs
- Carrington: Best for nontraditional credit
- State Employees Credit Union: Best for digital convenience
- US Bank: Best for variety of loan types
- Wintrust Mortgage: Best for digital convenience
Frequently asked questions
The best mortgage for you as a first-time home buyer is the loan for which you're most qualified. And that depends on a number of factors, including your credit score. With a credit score of at least 580, you may find that a loan backed by the FHA is your best option. With a credit score around 620 or higher, a conventional loan might be a better option, and could require an even lower down payment of 3%.
Many grants, special loans and down payment assistance programs are available to borrowers looking to buy their first home. These first-time home buyer programs are offered by agencies in the state where you live.
The loan program that's easiest to qualify for is an FHA-backed loan. That's because FHA loan requirements allow a lower credit score and less stringent debt-to-income guidelines than conventional loans. However, if you’re a first-time buyer with strong credit, conventional loans may allow even lower minimum down payments than an FHA loan.