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Top Mortgage Lenders For First Time Home Buyers – A white circle with a black border around the property will appear. It says, “Click here to return to the top of the page.”
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Top Mortgage Lenders For First Time Home Buyers
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If you are a first-time home buyer and are struggling with the credit requirements and payments that traditionally come with getting a mortgage, these first-time home buyer loans can help you overcome the hurdles and get the keys to your own home. .
Note: The definition of a first-time home buyer can vary from lender to lender and lender to lender, but many use the definition from the U.S. Department of Housing and Urban Development, which includes someone who has not had a primary residence within the last three years. Additionally, many of the loan programs listed here do not allow first-time homebuyers to apply.
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The mortgage loans listed here have features that make them affordable for first-time buyers and other buyers with financial constraints. All allow low or no down payments, and many do not require private mortgage insurance (PMI).
PMI is typically required for mortgages with less than 20% down. PMI is added to your monthly mortgage payment to help offset the risk the lender takes by allowing a lower payment.
Many of these mortgage loans also have flexible credit requirements, such as allowing borrowers to use a non-traditional credit limit. Remember that some lenders do this for you if you don’t have a traditional credit score. If you have a low credit score, you will still need to improve your job before you can qualify for a mortgage.
What type of loan is best for first-time buyers? The chevron icon indicates a drop-down section or menu, and sometimes previous or next navigation options.
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First-time home buyers often turn to government-backed mortgages, such as FHA loans, due to their lower credit requirements and lower down payment amounts. First-time buyers also like conventional mortgages because they allow for downpayments below 3%.
How to get the promised support? The chevron icon indicates a drop-down section or menu, and sometimes previous or next navigation options.
Your state or local housing authority may offer some form of down payment assistance, and many nonprofit organizations have programs to help buyers save money. You can search online or contact your local housing authority to see what’s available in your area.
How to buy your first house? The chevron icon indicates a drop-down section or menu, and sometimes previous or next navigation options.
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Apply for approval with three or four lenders to see the loan amount, terms and benefits available. When you’re ready, contact a real estate agent to start your house search. You can first contact a lawyer and get his or her recommendations of good lenders in your area. The doctors you work with will help you through this process.
How much does it take to build a house? The chevron icon indicates a drop-down section or menu, and sometimes previous or next navigation options.
The old answer is 20%, but many people don’t like that. Conventional mortgage loans allow for a down payment of up to 3%, while FHA home loans will require a minimum of 3.5%. If you apply for a USDA or VA mortgage loan, you will not have to take out a mortgage loan.
What credit score do first-time buyers need? The chevron icon indicates a drop-down section or menu, and sometimes previous or next navigation options.
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First-time home buyers won’t be subject to different credit scores because you’re a newbie, but some programs may have different requirements for these loans. Generally, if you want to get a mortgage loan, you need a score of at least 620, although you may qualify for a 580 or even a 500.
A Community Bank of America payday loan is a very affordable option for borrowers who qualify because you don’t have to put any money down to close.
Flexible credit requirements: No minimum credit score; use rent, utilities, phone or car insurance to establish history at the time of payment.
What to expect: According to the bank’s press release, this mortgage is only available in “designated markets,” including certain historically black and Latino neighborhoods in Charlotte, Dallas, Detroit, Los Angeles and Miami. To qualify, you must meet income limits and complete a home buyer certificate.
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The Bank of America Dream home loan requires a minimum 3% down payment and comes with a large amount of collateral.
If your student loan prevented you from qualifying early, you may have luck with this loan program; US Bank says it will work with borrowers who are on an income-driven repayment plan.
This loan includes up to $10,000 in assistance that can be used for the down payment, closing costs or other costs associated with purchasing a home.
Flexible Credit Requirements: Accepts non-traditional credit if your score is not. If you have a credit score, you must score at least 640 to qualify. Debt ratio requirements below 43%.
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What to expect: This mortgage is available in 25 states. At closing, you will need to put down at least $1,000 of your money. Income limits apply.
PNC Bank’s PNC Community Mortgage Loan is another top choice for borrowers who can afford a small down payment.
In addition to the PMI-free mortgage loan, PNC Bank offers $5,000 in closing costs to borrowers who meet income limits or live in a low-income area.
Flexible Loan Requirements: PNC Bank says this loan has “softer” requirements and many borrowers find it easier to qualify for a PNC Community Mortgage compared to a traditional loan.
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The Navy Federal Credit Union Home Buyers Choice Loan is a good option for Navy members who don’t qualify for a U.S. Department of Veterans Affairs mortgage because this loan works just like a VA loan, with no down payment and no PMI.
Flexible Credit Requirements: There are no specific credit requirements for this loan, but Navy Federal noted online that it will consider both your credit and banking history at this credit union.
What to expect: To get a mortgage with this lender, you must be a member of Navy Credit Union. Membership is only available to veterans who have served in the federal armed forces, the Department of Defense or the National Guard, or who have a close relative who is a member.
Wells Fargo’s Dream. Plan Dom Mortgage is one of the cheapest mortgages on our list, due to the 3% down payment and PMI requirement. But overall, it’s still an affordable option for borrowers looking to put down cash, and the $5,000 covered loan is worth the effort.
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The mortgage loan can be combined with Fargo Wells Dream. Home Closing Cost Loan Plan With this loan, you can borrow up to $5,000 to cover closing costs. Credit is only available in certain locations.
What to look for: Unlike most of the mortgage loans on this list, this mortgage requires PMI, which may be slightly more expensive than other loan options for a first-time home buyer. Income limits apply.
Northpointe Bank’s 100% mortgage option is a reasonable loan with a good credit score, it’s not as flexible as many of the other mortgage lenders on this list.
Northpointe has another proprietary 0% product called EquityBuilder. By using this loan, you can save your credit and instead get a lower interest rate or shorter loan term.
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What to look for: This mortgage is available in 23 states. There are no income restrictions to qualify.
Citibank’s HomeRun loan is a good option for borrowers who want to
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