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13 Best Mortgage Lenders for Showtime-Time Home Buyers in 2022
These mortgage lenders cater to beginning-time domicile buyers with low down payments, grant programs and educational materials.
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For get-go-fourth dimension habitation buyers, finding the right mortgage can be a big challenge. You lot want to piece of work with a lender that can give you 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 get-go-time dwelling house buyers in a variety of categories so you tin quickly decide which one is right for you lot.
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 bug increased their fees, adjusted minimum required credit scores or temporarily suspended certain loan products. While some products and concern practices have returned to pre-pandemic levels, you might still find delays and limited options. If you tin can't pay your electric current home loan, refer to our mortgage assistance resource. For data on how to cope with financial stress during this pandemic, see NerdWallet's financial guide to COVID-19 .
For first-time home buyers, finding the right mortgage tin be a big challenge. You want to piece of work with a lender that can give you the all-time charge per unit, the right term and the lowest closing costs, every bit quickly and efficiently as possible.
NerdWallet has picked some of the best mortgage lenders for showtime-time home buyers in a variety of categories so you tin quickly decide which ane is right for you.
Tap to acquire 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 issues increased their fees, adapted minimum required credit scores or temporarily suspended certain loan products. While some products and business organization practices have returned to pre-pandemic levels, y'all might nonetheless find delays and express options. If you can't pay your current dwelling house loan, refer to our mortgage assistance resource. For information on how to cope with fiscal stress during this pandemic, see NerdWallet'due south financial guide to COVID-19 .
All-time Mortgage Lenders for Get-go-Fourth dimension Home Buyers in 2022
NASB : NMLS#400039
Why we similar it
NASB couples competitive mortgage rates and reasonable fees with a skillful assortment 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 abode comeback mortgages.
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Doesn't offer domicile equity loans and lines of credit.
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NBKC : NMLS#409631
Why we similar it
Adept for: borrowers with solid credit who want to pay depression rates and get an online experience with phone support. VA loans are an accent.
Pros
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Extends total online capabilities, from awarding 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 Metropolis metro area.
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Doesn't offer renovation loans.
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Bank of America : NMLS#399802
National / Regional
National
National / Regional
National
Why we like it
Good for: first-time habitation buyers looking for depression-downwardly-payment options and existing customers who may get a discount on fees.
Pros
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Offers downwardly payment and closing cost assistance programs.
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May give existing customers a discount on mortgage lender origination fees.
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Offers dwelling disinterestedness line of credit, or HELOC.
Cons
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Doesn't offering renovation loans that roll costs into a mortgage.
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Chase : NMLS#399798
Why we like it
Good for: borrowers who desire a name-brand banking concern with offices in more than 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 wide variety of mortgage types and products.
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More often than not offers competitive rates, co-ordinate to the latest data.
Cons
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Doesn't offer abode comeback loans, such every bit FHA 203(k) and HomeStyle.
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You have to speak with a home loan adviser to complete the application.
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Home equity lines of credit (HELOC) are currently unavailable.
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SunTrust (Truist) : NMLS#2915
Why we like it
Good for: first-time habitation buyers, doctors and other borrowers interested in low-down-payment mortgage options.
Pros
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Offers a wide variety of loan options, including special programs for doctors.
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Offers a complete suite of online mortgage awarding tools and loan tracking.
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Sample rates and fees are piece of cake to observe on the website.
Cons
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Customized rates aren't available online without starting an application.
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Branches are limited mostly to the Southeast.
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Flagstar : NMLS#417490
Why we like it
Good for: borrowers who want a wide range of choices — non merely amid mortgage products, simply also in the channel they prefer, whether a branch, online or on the telephone.
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 total 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 it
PenFed Credit Wedlock has a digital mortgage application and offers a wide selection of mortgages, including depression-downwardly-payment dwelling loans. But it doesn't offer FHA mortgages.
Pros
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Offers a wide selection of abode loan products, including depression-down-payment options for first-time home buyers and domicile buyers of express 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 depression compared to other lenders, according to the latest data.
Cons
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Lender credit isn't available 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 it
Wells Fargo has a solid selection of mortgage products and offers easy-to-shop rates.
Pros
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Provides numerous online conveniences, including loan application and process updates.
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Current rates conspicuously posted for various loan products.
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Offers a wide variety of loan types and products.
Cons
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Home equity loans and lines of credit suspended due to COVID-19 are still unavailable.
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Scandals and authorities actions have damaged consumer trust in recent years.
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No home comeback loans offered.
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BB&T (Truist) : NMLS#399803
Why nosotros similar it
Skillful for: borrowers in the Southeast who want the option of confront-to-face up service. BB&T is now part of Truist Fiscal Corp., which offers a full bill of fare of domicile loans.
Pros
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Offers a variety of home 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 simply available if you lot speak with a representative.
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PNC : NMLS#446303
Why we like information technology
Skilful for: borrowers with low-to-moderate incomes or limited down payments. PNC offers several depression-down-payment loans, including i with no mortgage insurance.
Pros
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Posts current mortgage rates on its website.
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Has an online application for mortgage preapproval and a digital tool to track awarding progress.
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Offers several affordable loan options, including FHA, VA, USDA and the PNC Customs 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 nosotros like it
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% down payment without borrower-paid mortgage insurance.
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Offers specialty loans like structure-to-permanent mortgages and medical professional person mortgages.
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Amid the best when it comes to online convenience, including loan procedure updates.
Cons
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Bachelor only in states on the Due east Coast.
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The only way to see mortgage rates is through a customizing course.
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Citibank : NMLS#412915
National / Regional
National
Why nosotros similar it
Good for: existing Citibank customers, as well as borrowers eligible for the low-downwardly-payment HomeRun mortgage.
Pros
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Offers a wide variety of loan options, including low-downwards-payment mortgages and colossal mortgages.
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Offers low rates and typical fees compared to other lenders, according to the latest data.
Cons
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Requires help from a loan officer to consummate 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 like it
Good for: first-time abode buyers or credit-challenged borrowers interested in government loan products.
Pros
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Offers multiple low-down-payment loan programs.
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May consider alternative credit data, such every bit bank statements and rent payments.
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Y'all tin view customized rates for purchasing a domicile and apply online.
Cons
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Doesn't offer domicile 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.
Read Total Review
How do I choose a mortgage lender?
Once y'all have an idea of the blazon of mortgage you lot're looking for, finding the correct lender may be easier than y'all think, especially when y'all compare at least three lenders and let them compete for your business. Information technology's probable ane lender's mortgage package volition ascent above the others' — with a lower rate and lower fees.
More from NerdWallet
Last 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 all-time mortgage. The four key areas we evaluated include the variety of loan types offered, ease of awarding, mortgage rate transparency, and our analysis of the rates and fees lenders reported in the latest bachelor Abode Mortgage Disclosure Human activity data. To ensure consistency, our ratings are reviewed by multiple people on the NerdWallet Mortgages team.
To recap our selections...
NerdWallet's Best Mortgage Lenders for Kickoff-Time Home Buyers in 2022
- NASB: Best for first-time home buyers overall
- NBKC: Best for online experience
- Banking company of America: Best for help programs
- Chase: Best for assist programs
- SunTrust (Truist): Best for low downward payments
- Flagstar: Best for depression down payments
- PenFed: Best for low-income borrowers
- Wells Fargo: Best for online experience
- BB&T (Truist): Best for loan variety
- PNC: Best for low down payments
- TD Bank: All-time for online experience
- Citibank: All-time for assistance programs
- Carrington: All-time for nontraditional credit
Frequently asked questions
The all-time mortgage for you equally a starting time-time home buyer is the loan for which yous're near qualified. And that depends on a number of factors, including your credit score. With a credit score of at to the lowest degree 580, you may detect that a loan backed by the FHA is your best choice. With a credit score around 620 or higher, a conventional loan might be a amend option, and could require an fifty-fifty lower down payment of 3%.
Many grants, special loans and downwards payment aid programs are bachelor to borrowers looking to purchase their offset home. These offset-time home buyer programs are offered by agencies in the state where you live.
The loan plan 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. However, if you're a first-time buyer with strong credit, conventional loans may allow even lower minimum downward payments than an FHA loan.
Source: https://www.nerdwallet.com/best/mortgages/mortgage-lenders-first-time-home-buyers
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