Best Mortgage Lenders for First-Time Buyers

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Owning your own home is one dream that is shared by many. It almost feels like you haven’t really made it in life until you do.

However, owning your own home can seem like a pipe dream when you start looking at the prices of houses for sale. Here is where mortgage loans come into the picture, but how do you find the right loan for you that matches your needs and wants in buying your new home?

When it comes to looking for a mortgage loan there are a couple of things to think about before settling down with one. You need to look at mortgage rates, lenders, and a long list of other things.

Just like the loans themselves, not every lender is created equal. This is why we are here. 

We have taken into consideration what you will need to look for in a lender first and foremost. Then, we compiled a list of the top mortgage lenders around to help you in your journey of owning your first home.

Here are The Smart Investor select’s picks for the top mortgage lenders for first-time homebuyers:

Flagstar Bank Mortgage

Flagstar bank review

On Flagstar Secure Website

  • Overview
  • Loan Details
  • Pros & Cons

Flagstar Bank offers a wide range of mortgage division. The Bank allows you to open a number of different fixed-rate mortgages to home loan to VA Adjustable-rate loan, construction Draw loan, refinance loan, jumbo loan, one-close loan, multiple property loan and government backed-up loans such as; USDA Rural Development Loans, Federal Housing Administration Loan. However, they do not provide renovation loans, and the home equity loan is limited geographically.

To be eligible to get a loan at Flagstar, you need to have a minimum credit score of 620 and a minimum down payment of 3%. However, to apply for the FHA Loan, the borrowers must have a minimum down payment of 3.5% and zero down payment for USDA and VA loans.

  • Fixed-Rate Mortgage
  • Adjustable-Rate Mortgage
  • Mortgage Refinancing
  • USDA & VA Loans
  • Home Equity and HELOC
  • HFA Loans
  • Better Business Bureau Rating: A+
  • Quick Quotes
  • Variety Of Products
  • Customized Calculators
  • Physical Presence
  • Customer Review

Guaranteed Rate Mortgage

guaranteed-rate-logo-square

On Guaranteed Rate Secure Website

  • Overview
  • Loan Details
  • Pros & Cons

With the headquarter located in Chicago and licensed to lend in all the 50 states, this Bank provides a superb online mortgage experience with a unique digital application process. The Bank has an excellent reputation for an outstanding competitive rate and good customer service.

Guaranteed Mortgage offers both governments backed-up loans and conventional loans for purchase and refinance. Some of the loan products this bank offer include; Federal Housing Administration Loan, Jumbo Loan, Fixed-rate mortgage, Adjustable-rate mortgage, USDA mortgage, VA loans, and interest-only Mortgage.

  • Fixed-Rate Mortgage
  • Adjustable-Rate Mortgage
  • Mortgage Refinancing
  • Jumbo Loans
  • Interest Only Mortgage
  • FHA & VA Loans
  • Rate Lock Expirations
  • Simple Process
  • Turn Times
  • Customer Service
  • Underwriting Limitations

New American Funding Mortgage

new_american_funding_logo

On New American Funding Secure Website

  • Overview
  • Loan Details
  • Pros & Cons

New American Funding Mortgage is ideal for individuals looking for safe and secure loans backed by the government. Some of the loan options provided by the lender include FHA, USDA, and VA government-backed loans. Jumbo loans, refinance loans, interest-only loans, and purchase loans. They also provide individuals with access to community loans that may not be provided by non-bank lenders. You can start the loan application process online or in person, but the lender employs a physical underwriting process as it enables them to reach underserved markets.

  • Fixed-Rate Mortgage
  • Adjustable-Rate Mortgage
  • Mortgage Refinancing
  • Interest-only Loans
  • Jumbo loans
  • Minimum Down Payment: 3%
  • BBB Rating: A+
  • Broad Set of Products
  • Website
  • Flexible hours, Spanish Support
  • Dedicated App
  • Home Equity/ HELOC

Chase Mortgage

Chase Mortgage review

On Chase Secure Website

  • Overview
  • Loan Details
  • Pros & Cons

Chase Mortgage is one of the top-rated lenders in the lending industry. Serving more than 60 million households in the U.S with home lending advisors in about 30 states readily available on phones and email shows how credible chase mortgage is.

The Bank offers a full menu of fixed and adjustable-rate loans, including the federal housing administration loan, veteran administration loan and jumbo loan of up to $3Million. Chase also offers a low-down payment and a low-income option called the DreaMaker Mortgage.

The DreaMaker mortgage program is designed to assist individuals buying a home for the first time, and individuals with low to moderate-income afford a mortgage and buy home. The DreaMaker program also helps individuals buy a home with a down payment of 3% and no minimum borrower contribution.

  • Fixed-Rate Mortgage
  • Adjustable-Rate Mortgage
  • Mortgage Refinancing
  • Jumbo Loans
  • Home Equity Line Of Credit (HELOC)
  • HomeReady
  • Minimum Credit Score: 620
  • Better Business Bureau Rating: A+
  • Rate Lock Expirations
  • Simple Process
  • Turn Times
  • Customer Service
  • Underwriting Limitations

Guild Mortgage

guild mortgage review

On Guild Secure Website

  • Overview
  • Loan Details
  • Pros & Cons

They perfected their business by government FHA loans for first-time homebuyers and then began working with Ginnie Mae which put them on the map as one of the up and growing mortgage companies in the early 60’s.

Guild Mortgage Company avoided the sub-prime market and emerged from the downturn healthy and strong and now they have more than 4,000 employees, and 349 branches and satellite offices in 31 states. Guild Mortgage has highly trained loan professionals who are experienced in government-sponsored programs such as FHA, VA, USDA, low down payment assistance programs, Conventional, Jumbo, and Renovation loans as well as niche products for customer specific needs.

  • Fixed-Rate Mortgage
  • “3-2-1 Home” Program
  • Mortgage Refinancing
  • Jumbo Loans
  • FHA & VA Mortgage
  • USDA Loans
  • First Time Homebuyers
  • Banking Relationships With Credit Unions
  • Turnaround Times
  • Transparency
  • Limited Locations
  • Flexibility