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.
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.
- 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.
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