Best Places to Get a Loan for a House
BEST OF
thirteen Best Mortgage Lenders for Beginning-Time Home Buyers in 2022
These mortgage lenders cater to first-time home buyers with depression down payments, grant programs and educational materials.
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For first-time home buyers, finding the right mortgage tin exist a large challenge. You lot desire to piece of work with a lender that can requite you the best rate, the right term and the lowest closing costs, as quickly and efficiently equally possible.
NerdWallet has picked some of the best mortgage lenders for beginning-time home buyers in a variety of categories so you lot tin quickly decide which one is right for you.
Tap to learn how COVID-19 may affect mortgage shopping
The coronavirus pandemic introduced some new challenges to getting a mortgage. Many lenders facing high loan demand and staffing problems increased their fees, adapted minimum required credit scores or temporarily suspended sure loan products. While some products and business practices take returned to pre-pandemic levels, you might however find delays and express options. If you can't pay your electric current home loan, refer to our mortgage assistance resource. For information on how to cope with financial stress during this pandemic, see NerdWallet's financial guide to COVID-19 .
For first-fourth dimension domicile buyers, finding the right mortgage can exist a large challenge. Yous want to work with a lender that can requite you lot the best rate, the right term and the lowest closing costs, as rapidly and efficiently as possible.
NerdWallet has picked some of the best mortgage lenders for start-time dwelling house buyers in a variety of categories then you can speedily decide which one is right for you lot.
Tap to acquire how COVID-19 may bear upon mortgage shopping
The coronavirus pandemic introduced some new challenges to getting a mortgage. Many lenders facing high loan need and staffing issues increased their fees, adjusted minimum required credit scores or temporarily suspended sure loan products. While some products and business practices accept returned to pre-pandemic levels, you might yet discover delays and express options. If you tin can't pay your current abode loan, refer to our mortgage assistance resource. For information on how to cope with financial stress during this pandemic, encounter NerdWallet's financial guide to COVID-nineteen .
All-time Mortgage Lenders for First-Time Home Buyers in 2022
NASB : NMLS#400039
Why we similar it
NASB couples competitive mortgage rates and reasonable fees with a practiced array of loan options.
Pros
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Offers competitive rates and origination fees.
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Considers nontraditional income sources, in some cases.
Cons
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Does not offer home improvement mortgages.
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Doesn't offer habitation equity loans and lines of credit.
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NBKC : NMLS#409631
Why nosotros like it
Good for: borrowers with solid credit who want to pay depression rates and get an online experience with phone support. VA loans are an emphasis.
Pros
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Extends total online capabilities, from application to loan tracking.
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Displays customized rates, with fee estimates, without requiring contact information.
Cons
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Equity lines and construction loans are available only in the Kansas City metro area.
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Doesn't offer renovation loans.
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Banking concern of America : NMLS#399802
National / Regional
National
National / Regional
National
Why we similar it
Good for: first-time dwelling house buyers looking for low-down-payment options and existing customers who may get a discount on fees.
Pros
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Offers down payment and closing cost assistance programs.
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May give existing customers a disbelieve on mortgage lender origination fees.
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Offers home disinterestedness line of credit, or HELOC.
Cons
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Doesn't offer renovation loans that roll costs into a mortgage.
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Hunt : NMLS#399798
Why we like it
Adept for: borrowers who want a name-brand banking company with offices in more than one-half the states that charges lower rates and fees than many other lenders.
Pros
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Allows electronic submission and tracking of loan documents.
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Carries a broad diversity of mortgage types and products.
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More often than not offers competitive rates, according to the latest information.
Cons
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Doesn't offer abode improvement loans, such equally FHA 203(k) and HomeStyle.
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Y'all have to speak with a dwelling loan adviser to consummate the awarding.
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Habitation equity lines of credit (HELOC) are currently unavailable.
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SunTrust (Truist) : NMLS#2915
Why we similar it
Good for: first-time home buyers, doctors and other borrowers interested in low-downward-payment mortgage options.
Pros
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Offers a broad variety of loan options, including special programs for doctors.
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Offers a consummate suite of online mortgage application tools and loan tracking.
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Sample rates and fees are like shooting fish in a barrel to find on the website.
Cons
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Customized rates aren't available online without starting an awarding.
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Branches are express mostly to the Southeast.
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Flagstar : NMLS#417490
Why nosotros like it
Good for: borrowers who want a wide range of choices — non only amidst mortgage products, but as well in the channel they prefer, whether a branch, online or on the phone.
Pros
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Offers a wide range of loan types and products, including FHA, VA and USDA.
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Has a full suite of online conveniences.
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Offers customized online rate quotes with monthly payment estimates, including mortgage insurance, when applicative.
Cons
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Home equity lending is geographically express.
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PenFed : NMLS#401822
Why we like information technology
PenFed Credit Union has a digital mortgage application and offers a broad selection of mortgages, including low-down-payment home loans. But it doesn't offering FHA mortgages.
Pros
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Offers a broad selection of home loan products, including low-downwardly-payment options for kickoff-time home buyers and dwelling house buyers of limited means.
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Offers a lender credit, based on loan amount, for purchase mortgages.
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Mortgage rates and fees are low compared to other lenders, co-ordinate to the latest information.
Cons
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Lender credit isn't bachelor for refinance mortgages.
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Doesn't offer FHA or home improvement loans.
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Wells Fargo : NMLS#399801
Why we similar information technology
Wells Fargo has a solid selection of mortgage products and offers like shooting fish in a barrel-to-store rates.
Pros
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Provides numerous online conveniences, including loan awarding and process updates.
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Current rates clearly posted for diverse loan products.
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Offers a broad variety of loan types and products.
Cons
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Dwelling house disinterestedness loans and lines of credit suspended due to COVID-19 are still unavailable.
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Scandals and government actions have damaged consumer trust in recent years.
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No home improvement loans offered.
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BB&T (Truist) : NMLS#399803
Why we similar it
Adept for: borrowers in the Southeast who want the selection of face-to-confront service. BB&T is now office of Truist Fiscal Corp., which offers a full carte du jour of home loans.
Pros
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Offers a multifariousness of habitation loans, including construction-to-permanent loans, physicians loans and jumbo loans.
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Has a robust online mortgage application.
Cons
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Branches limited to mostly the Southeast region.
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Custom rates are only available if you speak with a representative.
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PNC : NMLS#446303
Why we like it
Expert for: borrowers with low-to-moderate incomes or express down payments. PNC offers several depression-down-payment loans, including one with no mortgage insurance.
Pros
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Posts current mortgage rates on its website.
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Has an online awarding for mortgage preapproval and a digital tool to track application progress.
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Offers several affordable loan options, including FHA, VA, USDA and the PNC Community Loan.
Cons
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Doesn't offer renovation mortgages.
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In-person service is not available in every country.
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TD Bank : NMLS#399800
Why we like information technology
TD Bank Mortgage gets high marks for its diverseness of loan products and mortgage types, and excels at online convenience, including providing customized mortgage rates on its site.
Pros
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Allows 3% downwards payment without borrower-paid mortgage insurance.
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Offers specialty loans like construction-to-permanent mortgages and medical professional mortgages.
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Among the best when information technology comes to online convenience, including loan process updates.
Cons
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Bachelor only in states on the East Coast.
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The only way to meet mortgage rates is through a customizing form.
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Citibank : NMLS#412915
National / Regional
National
Why we like it
Good for: existing Citibank customers, too as borrowers eligible for the low-downwardly-payment HomeRun mortgage.
Pros
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Offers a wide variety of loan options, including depression-down-payment mortgages and jumbo mortgages.
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Offers depression rates and typical fees compared to other lenders, according to the latest data.
Cons
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Requires assistance from a loan officer to complete an online mortgage application.
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Customized mortgage rates not available without making contact.
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Carrington : NMLS#2600
Why we similar information technology
Practiced for: first-fourth dimension domicile buyers or credit-challenged borrowers interested in government loan products.
Pros
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Offers multiple depression-downwards-payment loan programs.
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May consider alternative credit data, such equally banking company statements and rent payments.
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You tin view customized rates for purchasing a domicile and apply online.
Cons
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Doesn't offer dwelling equity loans, HELOCs or renovation mortgages.
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Lender fees and mortgage rates are on the high side, according to the latest data.
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How do I choose a mortgage lender?
One time you have an idea of the type of mortgage you're looking for, finding the right lender may be easier than you retrieve, particularly when you compare at to the lowest degree three lenders and let them compete for your business organization. It's likely i lender'due south mortgage package volition ascension above the others' — with a lower rate and lower fees.
More from NerdWallet
Concluding updated on February 4, 2022
Methodology
NerdWallet'due south star ratings for mortgage lenders are awarded based on our evaluation of the products and services each lender offers to consumers who are actively shopping for the best mortgage. The iv cardinal areas we evaluated include the diversity of loan types offered, ease of application, mortgage charge per unit transparency, and our analysis of the rates and fees lenders reported in the latest available Domicile Mortgage Disclosure Deed data. To ensure consistency, our ratings are reviewed past multiple people on the NerdWallet Mortgages squad.
To recap our selections...
NerdWallet'southward All-time Mortgage Lenders for Get-go-Time Dwelling house Buyers in 2022
- NASB: Best for outset-time dwelling house buyers overall
- NBKC: Best for online experience
- Bank of America: Best for assistance programs
- Hunt: Best for assistance programs
- SunTrust (Truist): Best for depression down payments
- Flagstar: Best for depression downwardly payments
- PenFed: Best for low-income borrowers
- Wells Fargo: Best for online feel
- BB&T (Truist): All-time for loan variety
- PNC: Best for low down payments
- TD Depository financial institution: Best for online feel
- Citibank: Best for aid programs
- Carrington: Best for nontraditional credit
Ofttimes asked questions
The best mortgage for y'all as a get-go-fourth dimension home buyer is the loan for which you're well-nigh 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 college, a conventional loan might be a better selection, and could require an even lower downwardly payment of 3%.
Many grants, special loans and downward payment assistance programs are available to borrowers looking to purchase their beginning habitation. These first-time home buyer programs are offered by agencies in the country where y'all live.
The loan program that'due south 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. Still, if you're a kickoff-time buyer with strong credit, conventional loans may permit even lower minimum down payments than an FHA loan.
Source: https://www.nerdwallet.com/best/mortgages/mortgage-lenders-first-time-home-buyers
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