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% Best Mortgage Lenders for First-Time Home Buyers in 2022 - NerdWallet Advertiser disclosure
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This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. Our partners cannot pay us to guarantee favorable reviews of their products or services.
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Here is a list of our partners.BEST OF
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.Kate Wood Oct 3, 2022 Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations.
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Our opinions are our own. Here is a list of our partners and here's how we make money.
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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.
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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.
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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
LenderNerdWallet rating NerdWallet's ratings are determined by our editorial team.
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The scoring formulas take into account multiple data points for each financial product and service.Min. credit score
Minimum credit score on top loans; other loan types or factors may selectively influence minimum credit score standardsMin.
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down paymentLearn more
NBKC NMLS#409631Learn more
at NBKC
5.0/5
Best for online experience620
CONVENTIONAL:620FHA:620JUMBO:N/AVA:5803%NBKC offers conventional loans for as little as 3% down.Learn more
at NBKC
NASB NMLS#400039Learn more
at NASB
5.0/5
Best for first-time home buyers overall620
CONVENTIONAL:620VA:580JUMBO:620FHA:5803%NASB offers conventional loans for as little as 3% down.Learn more
at NASB
PNC NMLS#446303Learn more
at PNC
5.0/5
Best for low down payments620
VA:VariesUSDA:640JUMBO:680FHA:620CONVENTIONAL:6203%Minimum down payment varies by mortgage loan type.Learn more
at PNC
Guaranteed Rate NMLS#2611Learn more
at Guaranteed Rate
5.0/5
Best for variety of loan types620
VA:580USDA:620JUMBO:N/AFHA:600CONVENTIONAL:6203%Guaranteed Rate offers conventional loans with as little as 3% down.Learn more
at Guaranteed Rate
Northpointe NMLS#447490Learn more
at Northpointe
4.5/5
Best for digital convenience620
CONVENTIONAL:620JUMBO:680USDA:620FHA:620VA:6205%Northpointe Bank offers conventional loans for as little as 5% down.Learn more
at Northpointe
Veterans United NMLS#1907Learn more
at Veterans United
4.0/5
Best for digital convenience620
CONVENTIONAL:620FHA:620JUMBO:620USDA:620VA:6200%Veterans United offers VA loans for as little as 0% down.Learn more
at Veterans United
Chase NMLS#399798Read review
4.5/5
Best for assistance programs620
CONVENTIONAL:620FHA:620JUMBO:N/AUSDA:N/AVA:6203%Chase's DreaMaker mortgage allows down payments as low as 3%.Read reviewLearn more
at NBKC
NBKC NMLS#409631
5.0NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.Min.
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credit score620
CONVENTIONAL:620FHA:620JUMBO:N/AVA:580
Min. down payment3%
NBKC offers conventional loans for as little as 3% down. View details Learn moreat NBKC
View details Why we like it
Good for: borrowers who want low rates and fees and an online experience with phone support.
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VA loans are an emphasis. Pros
Offers government-backed loans and some harder-to-find products, such as construction loans and specialty mortgages for pilots.
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Offers low rates and fees compared with other lenders, according to the latest Federal data. Displays customized rates, with fee estimates, without requiring contact information.
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Cons
HELOCs and construction-to-permanent loans are available only in the Kansas City metro area.Read Full ReviewLearn more
at NASB
NASB NMLS#400039
5.0NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.Min. credit score620 CONVENTIONAL:620VA:580JUMBO:620FHA:580 Min.
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down payment3%
NASB offers conventional loans for as little as 3% down. View details Learn moreat NASB
View details Why we like it
Good for: active military members and veterans and first-time home buyers. Pros
Devotes much of its business to serving military families with VA loans.
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Offers a mortgage tailored to self-employed borrowers. Offers low rates and fees compared with other lenders, according to the latest federal data.
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Cons
Doesn’t offer home improvement mortgages. Doesn't offer home equity loans or lines of credit.Read Full ReviewLearn more
at PNC
PNC NMLS#446303
5.0NerdWallet rating NerdWallet's ratings are determined by our editorial team.
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37 likes
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The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.Min. credit score620
VA:VariesUSDA:640JUMBO:680FHA:620CONVENTIONAL:620
Min.
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down payment3%
Minimum down payment varies by mortgage loan type. View details Learn moreat PNC
View details Why we like it
Good for: borrowers with low-to-moderate incomes or limited down payments. PNC offers several low-down-payment loans, including one with no mortgage insurance.
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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.
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Cons
Doesn't offer renovation mortgages. In-person service is not available in every state.Read Full ReviewLearn more
at Guaranteed Rate
Guaranteed Rate NMLS#2611
5.0NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.Min.
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34 likes
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credit score620
VA:580USDA:620JUMBO:N/AFHA:600CONVENTIONAL:620
Min. down payment3%
Guaranteed Rate offers conventional loans with as little as 3% down.
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View details Learn moreat Guaranteed Rate
View details Why we like it
Good for: borrowers seeking a solid variety of loan types, including jumbo and interest-only options, and a totally online experience. Pros
Displays detailed sample rates for many of its loan products. Offers a wide variety of loans, including jumbo and interest-only products.
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Offers low rates compared with other lenders, according to the latest federal data. Cons
Doesn't offer home equity loans.Read Full ReviewLearn more
at Northpointe
Northpointe NMLS#447490
4.5NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.Min.
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48 likes
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credit score620
CONVENTIONAL:620JUMBO:680USDA:620FHA:620VA:620
Min. down payment5%
Northpointe Bank offers conventional loans for as little as 5% down.
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View details Learn moreat Northpointe
View details Why we like it
Good for: those seeking an abundance of loan offerings, including a no-down-payment mortgage that helps accelerate home equity accumulation. Pros
A full slate of loan offerings. Offers a no-down-payment loan with a shorter repayment term that helps accelerate home equity accumulation.
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Digital conveniences include a mobile app. Cons
You’ll need to provide contact information or speak to a loan officer for customized mortgage rates.
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Origination fees are on the high side, according to the latest data.Read Full ReviewLearn more
at Veterans United
Veterans United NMLS#1907
4.0NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.Min. credit score620 CONVENTIONAL:620FHA:620JUMBO:620USDA:620VA:620 Min.
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down payment0%
Veterans United offers VA loans for as little as 0% down. View details Learn moreat Veterans United
View details Why we like it
Good for: veterans, active-duty service members and eligible reservists looking for VA loans.
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Pros
Offers 24/7 customer service over the phone. Offers a free credit counseling service. Mortgage rates are on the low side, according to the latest federal data.
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Cons
Doesn’t offer home equity loans or HELOCs. Veterans United has physical branch offices in only 17 states. Focus on VA loans, so may not be the strongest choice for those seeking other loan types.Read Full ReviewRead review
Chase NMLS#399798
4.5NerdWallet rating NerdWallet's ratings are determined by our editorial team.
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27 likes
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The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.Min. credit score620
CONVENTIONAL:620FHA:620JUMBO:N/AUSDA:N/AVA:620
Min. down payment3%
Chase's DreaMaker mortgage allows down payments as low as 3%.
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View details Read reviewView details Why we like it
Good for: borrowers who want a wide selection of loan products, an in-person experience and comparatively low interest rates. Pros
Carries a wide variety of mortgage types and products, including DreaMaker and Standard Agency mortgages, with down payments as low as 3%. Offers low rates compared with other lenders, according to the latest federal data.
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Offers a customizable mortgage calculator for personalized rate and payment estimates. Cons
Doesn't offer home improvement loans, such as FHA 203(k) and HomeStyle.
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You have to speak with a home loan adviser to complete the application. Home equity lines of credit (HELOC) are currently unavailable.Read Full Review
More of NerdWallet' s best lenders for first-time home buyers
PenFed Credit Union Best for low-income borrowers Wells Fargo Best for online experience Flagstar Bank Best for low down payment Citibank Best for assistance programs Carrington Mortgage Services Best for nontraditional credit U.S.
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Bank
Best for variety of loan types
Wintrust Mortgage
Best for digital convenience
Bank of America
Best for assistance programs
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 Calculate your mortgage payment 12 first-time home buyer mistakes and how to avoid them Tips for finding the best mortgage lender Last updated on October 3, 2022Methodology
The star ratings on this page reflect each lender's overall star ratings.
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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.
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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.
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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.
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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
NBKC: Best for online experienceNASB: Best for first-time home buyers overallPNC: Best for low down paymentsGuaranteed Rate: Best for variety of loan typesNorthpointe: Best for digital convenienceVeterans United: Best for digital convenienceChase: Best for assistance programsFrequently asked questions
What type of loan is best for a first-time home buyer?
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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.
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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 buyers? Many grants, special loans and down payment assistance programs are available to borrowers looking to buy their first home.
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These first-time home buyer programs are offered by agencies in the state where you live.What is the easiest home loan for a first-time home buyer to get? 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.
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However, if you’re a first-time buyer with strong credit, conventional loans may allow even lower minimum down payments than an FHA loan.
About the author
Kate Wood
Kate writes about mortgages, homebuying and homeownership for NerdWallet. Previously, she covered topics related to homeownership at This Old House magazine.
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