Compare First-Time Home Buyer Mortgage Lenders & Programs
These mortgage lenders cater to first-time home buyers with low down payments, grant programs and educational materials.
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 standout mortgage lenders for first-time home buyers.
Showing top 3 matches in OR
- Reported average time to close is 15 days faster than industry average.
- FHA and VA loans make up 40% of Rocket Mortgage’s total loan volume.
- Borrowers can apply via mobile app.
- Read our Rocket Mortgage, LLC review
- Mortgage rates are on the low side compared to other lenders, according to the latest federal data.
- VA loans represent more than a quarter of purchase volume, a larger share than many lenders NerdWallet reviews.
- Offers a variety of loan types for purchase and refinance, including fixed- and adjustable-rate loans and government options
- Read our NBKC review
- Fully underwritten mortgage approval in as little as one day for qualified borrowers.
- Generous selection of loans, including government-backed, interest-only, jumbo and renovation.
- Advertises a HELOC that can be funded in as few as five business days.
- Read our Rate review
- What type of loan is best for a first-time home buyer?
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%.
- What programs are available for first-time home buyer?
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.
- Why should I shop multiple lenders?
You could save thousands of dollars by shopping around. However, many consumers don’t do that. In a 2015 report, the Consumer Financial Protection Bureau found that 77% of consumers apply to only one lender or broker when seeking a mortgage. By shopping just three different lenders, borrowers could save more than $3,500 in just the first five years, according to the CFPB.
» MORE: Calculate your mortgage payment
