Title: Best Mortgage Lenders for First Time Buyers
1- Best Mortgage Lenders for First Time Buyers
- Ready to dive right in and buy your first home?
After finding the ideal home for you, you need a
mortgage lender that offers the best services for
you as a first-time buyer. We have reviewed the
five best mortgage lenders below - Bank of America
- How would you like numerous mortgage products to
choose from with incredibly low down payment
solutions as a first-time homebuyer? Bank of
America offers this and refinance options with
favorable rates. - They offer their services in all 50 states and
are a top-rated mortgage lender among consumers.
You will need to have a credit score below 580
and pay a minimum down payment of 3.5, depending
on your product. - Loan types you can get from the Bank of America
include Jumbo, Conventional, Interest Only, FHA,
and VA. For any loans below 548,250, you will
pay a down payment of 3, and you wont need any
mortgage insurance to qualify. - To help first-time buyers qualify for a mortgage,
they accept non-traditional credit reports, cell
phone payments, rent, utility bills, or account
history. In addition, you can sign up for their
Preferred Rewards Program to be eligible for a
customer discount. - New American Funding
- These mortgage lenders have different mortgage
options for first-time buyers with budget
constraints. They offer conventional and
proprietary government-backed mortgages with
refinancing options. Unfortunately, their
mortgage products do not extend to residents of
New York or Hawaii. - It is the best mortgage lending company for
self-employed individuals. They allow their
borrowers to use their bank statements as proof
of income rather than asking for tax returns or
W-2s, which most self-employed individuals dont
have.
2- save. In addition, they offer various mortgage
products and flexible terms, making them a
flexible lender for first-time homebuyers. - They request a 3 down payment, but you get to
pay less if you are lucky to qualify for the cash
grant. Among the loan types they offer are Jumbo,
USDA, Conventional, FHA, and VA. - They are a perfect lender for anyone with low or
moderate income or in the medical profession
looking to buy their first home with no mortgage
insurance and little down payment. - Their various mortgage products are likely to
meet the needs of most borrowers. Besides
standard conventional loans, they also offer
government-backed mortgages and other options
that lenders avoid offering. - Citi Mortgage
- They deliver all the products and services you
expect from a diverse mortgage lender alongside
some extras. Citi Mortgage offers different
products which can be customized to meet the
needs of the borrower. - You will need to have a credit score of between
580 and 620 and be ready to make a 3 minimum
down payment for the total house purchase price.
Some of the loan types they offer include Jumbo,
Conventional, VA, and FHA. - If you are a Citibank account holder, you might
enjoy a considerable discount on your mortgage.
Their interest rate is reduced, and their
pre-approval service is free. In addition, they
have an in-house department that focuses on
helping first-time borrowers who are likely
struggling with financial problems. - Wells Fargo Mortgage
- It is among the popular mortgage lenders within
the state that offers refinancing products, home
equity and offers different mortgage options. As
a first-time buyer, you will enjoy the no income
requirement as well as unlimited access to FHA
loans.
3An additional advantage is the excellent
education tutorials they offer through their
website. They have put up videos and articles to
guide first-time buyers on everything they need
to know about mortgages. Every mortgage lender
offers different products, loan types, and rates.
Therefore, you should consider getting quotes
from the two or three best mortgage lenders and
compare. Each lender we have reviewed above is
suitable for a first-time homebuyer thus, feel
free to choose any that matches your needs.
Congratulations on taking milestones to own your
first home.