16 Best Mortgage Lenders for First-Time Home Buyers in 2022

Why we like it

Pros

• Offers competitive rates and origination fees.

• Considers nontraditional income sources, in some cases.

Cons

• Does not offer home improvement mortgages.

• Doesn't offer home equity loans and lines of credit.

Why we like it

Pros

• Extends full online capabilities, from application to loan tracking.

• Displays customized rates, with fee estimates, without requiring contact information.

Cons

• Equity lines and construction loans are available only in the Kansas City metro area.

• Doesn’t offer renovation loans.

Why we like it

Pros

• Offers 24/7 customer service over the phone.

• Has online application and pre-qualification.

• Offers a free credit counseling service.

• Employs advisors from each branch of the armed forces.

Cons

• Doesn’t offer home equity loans or HELOCs.

• Veterans United has physical branch offices in only 17 states.

• Information on FHA, USDA and conventional loans is harder to find on its website.

Why we like it

Pros

• Offers the ability to securely upload and digitally sign loan documents.

• Displays detailed sample rates for many of its loan products.

Cons

• Doesn't offer home equity loans or lines of credit.

Why we like it

Pros

• Allows electronic submission and tracking of loan documents.

• Carries a wide variety of mortgage types and products.

• Generally offers competitive rates, according to the latest data.

Cons

• Doesn't offer home improvement loans, such as FHA 203(k) and HomeStyle.

• You have to speak with a home loan adviser to complete the application.

• Home equity lines of credit (HELOC) are currently unavailable.

Why we like it

Pros

• A full slate of loan offerings.

• Offers a no-down-payment loan with a shorter repayment term that helps accelerate home equity accumulation.

• A mobile app provides a number of customer conveniences.

• Serves all 50 states plus Washington, D.C.

Cons

• You’ll need to provide contact information or speak to a loan officer for customized mortgage rates.

• Origination fees are on the high side, according to the latest data.

Why we like it

Pros

• Offers down payment and closing cost assistance programs.

• May give existing customers a discount on mortgage lender origination fees.

• Offers home equity line of credit, or HELOC.

Cons

• Doesn't offer renovation loans that roll costs into a mortgage.

Why we like it

Pros

• Offers a broad selection of home loan products, including low-down-payment options for first-time home buyers and home buyers of limited means.

• Offers a lender credit, based on loan amount, for purchase mortgages.

• Mortgage rates and fees are low compared to other lenders, according to the latest data.

Cons

• Lender credit isn't available for refinance mortgages.

• Doesn't offer FHA or home improvement loans.

Why we like it

Pros

• Posts current mortgage rates on its website.

• Has an online application for mortgage preapproval and a digital tool to track application progress.

• Offers several affordable loan options, including FHA, VA, USDA and the PNC Community Loan.

Cons

• Doesn't offer renovation mortgages.

• In-person service is not available in every state.

Why we like it

Pros

• Provides numerous online conveniences, including loan application and process updates.

• Current rates clearly posted for various loan products.

• Offers a wide variety of loan types and products.

Cons

• Home equity loans and lines of credit suspended due to COVID-19 are still unavailable.

• Scandals and government actions have damaged consumer trust in recent years.

• No home improvement loans offered.

Why we like it

Pros

• Offers a wide range of loan types and products, including FHA, VA and USDA.

• Has a full suite of online conveniences.

• Offers customized online rate quotes with monthly payment estimates, including mortgage insurance, when applicable.

Cons

• Home equity lending is geographically limited.

Why we like it

Pros

• Offers a wide variety of loan options, including low-down-payment mortgages and jumbo mortgages.

• Offers low rates and typical fees compared to other lenders, according to the latest data.

Cons

• Requires help from a loan officer to complete an online mortgage application.

• Customized mortgage rates not available without making contact.

Why we like it

Pros

• Offers multiple low-down-payment loan programs.

• May consider alternative credit data, such as bank statements and rent payments.

• You can view customized rates for purchasing a home and apply online.

Cons

• Doesn't offer home equity loans, HELOCs or renovation mortgages.

• Lender fees and mortgage rates are on the high side, according to the latest data.

Why we like it

Pros

• No private mortgage insurance required, even with a down payment less than 20%.

• First-time home buyers may borrow up to $400,000 with no down payment required.

• No fees for applications or credit reports.

• Offers mortgage credit certificate and down payment assistance programs.

Cons

• Does not have government-backed loan options.

• Membership eligibility is highly limited, and loans are available only for properties located in Georgia, North Carolina, South Carolina, Tennessee and Virginia.

Why we like it

Pros

• Offers a full line of conventional and government loan products.

• Provides home equity loans and lines of credit.

• Allows borrowers to apply and track their loan's progress online.

Cons

• No personalized mortgage rates available online.

• Published mortgage rates assume an above-average credit score.

Why we like it

Pros

• Online application and progress tracking are available.

• Offers specialty loans, such as construction and renovation loans.

• Participates in some first-time home buyer assistance programs.

Cons

• Sample rates for some loan products are available only by contacting a loan officer.

• Physical locations aren't available in all states.