Mortgage Lenders

10 Best Mortgage Lenders For First Time Buyers 2020

It is important to find the best mortgage lenders for first time buyers because many companies don’t help their customers properly. You can expect to get the most effective consultation only from the best companies.

So, read this article carefully and make no mistake in choosing the best financing company for such a big decision. After the reviews, you will also know the best loan option for you and award-winning mortgage lenders for first-time buyers. So, without any further delay, let’s get started with the reviews.

10 Best Mortgage Lenders For First Time Buyers 2020

1. NewAmerican Funding

You can decide between buying a new home with NewAmerican Funding with confidence. This financing company comes with several packages and a team of experts to help you through the process.

Loan Options for First Time Buyers

Here, we will see several packages offered by NewAmerican Funding for first-time home buyers.

  • The company’s 30 Year Fixed Rate Mortgage will require maintaining a steady monthly payment schedule over 30 years. As a result, payments will be less, making it affordable for low-income persons.
  • The company’s 15 Year Fixed Rate Mortgage will require maintaining a steady monthly payment schedule over 30 years. As a result, you won’t have to pay a lot of extra money that is spent on longer loan periods.
  • The company’s VA Loan is offered to the Veterans and the loan is guaranteed by the US Department of Veterans Affairs making it more affordable. Proving your affiliation with the US Military, you can get a loan without any down payments or PMI. However, a guarantee fee will still be applicable.
  • The company’s FHA Loan is the most popular choice for those people who are buying a house for the first time. As the Federal Housing Administration insures the loan, anyone with a low credit score can get it and pay a lower down payment.
  • The company’s Conventional Loan –can get you a loan where the down payment can be as low as 3% only
  • The company’s Adjustable Rate Mortgage scheme can save you some money on interests by adjusting the rate to the current market values. Also, you will be able to enjoy a low fixed rate for the first few years.
  • The company’s Jumbo Loan will offer you a higher loan limit and exceed the limit in some cases so that anyone can get benefitted from the amount.
  • The company’s I CAN Mortgage program will let you customize the term ranging from 8 to 30 years.
  • The company’s USDA Loan is another special type that will need no down payment and offer some extra advantages.

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2. QuickenLoans

QuickenLoans is a sister concern of the famous RocketMortgage, who has the reputation of providing premium services. Because of several reasons along with their services, you can call it one of the best mortgage lenders for first time buyers. This financing company comes with several packages and a team of experts to help you through the process.

best mortgage lenders for first time buyers

Loan Options for First Time Buyers

Here, we will see several packages offered by NewAmerican Funding for first-time home buyers.

  • The company’s 30-Year Fixed Loan will require maintaining a steady monthly payment schedule over 30 years. As a result, payments will be less, making it affordable for low-income persons. Moreover, you can instantly get to live in your newly purchased home with only a 3% down payment.
  • The company’s Adjustable Rate Mortgage scheme can save you some money on interests by adjusting the rate to the current market values. Also, you will be able to enjoy a low fixed rate for the first few years.
  • The company’s VA Loan is offered to the Veterans and the loan is guaranteed by the US Department of Veterans Affairs making it more affordable. Proving your affiliation with the US Military, you can get a loan without any down payments or PMI. However, a guarantee fee will still be applicable.
  • The company’s FHA Loan is the most popular choice for those people who are buying a house for the first time. As the Federal Housing Administration insures the loan, anyone with a low credit score can get it and pay as low as 3.5% to start living in the house.

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3. SoFi

Buying a home should not be stressful, and that is the motto of SoFi, who offers anyone to own a home with only 10% down. This financing company comes with several packages and a team of experts to help you through the process.

best mortgage lenders for first time buyers

Loan Options for First Time Buyers

Here, we will see several packages offered by NewAmerican Funding for first-time home buyers.

  • The company’s 30 Year Fixed Rate Mortgage will require maintaining a steady monthly payment schedule over 30 years. As a result, payments will be less, making it affordable for low-income persons. The maximum limit amount is 600,000, with a rate of 4.5% where the APR is 4.67%, excluding tax and insurance.
  • The company’s 15 Year Fixed Rate Mortgage will require maintaining a steady monthly payment schedule over 30 years. As a result, you won’t have to pay a lot of extra money that is spent on longer loan periods. The maximum limit amount is 600,000, with a rate of 4.0% where the APR is 4.29%, excluding tax and insurance.
  • The company’s Adjustable Rate Mortgage scheme can save you some money on interests by adjusting the rate to the current market values. Also, you will be able to enjoy a low fixed rate for the first seven years. The total loan period is 30 years, with a maximum limit of 600,000 and an APR of 3.7883% for the first seven years. After that, the rate will be adjusted annually, which can be greater or lower depending on the market.

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4. Reali Loans

You are looking at a home financing company that was named the best mortgage lenders in 2018 by NerdWallet. This financing company comes with several packages and a team of experts to help you through the process.

best mortgage lenders for first time buyers

Loan Options for First Time Buyers

Here, we will see several packages offered by NewAmerican Funding for first-time home buyers.

  • The company’s 30 Year Fixed Rate Mortgage will require maintaining a steady monthly payment schedule over 30 years. As a result, payments will be less, making it affordable for low-income persons.
  • The company’s 15 Year Fixed Rate Mortgage will require maintaining a steady monthly payment schedule over 30 years. As a result, you won’t have to pay a lot of extra money that is spent on longer loan periods.

Check Deals

5. RocketMortgage

For over ten years, RocketMortgage is providing award-winning customer service, and they are one of the best mortgage lenders for first time buyers. This financing company comes with several packages and a team of experts to help you through the process.

best mortgage lenders for first time buyers

Loan Options for First Time Buyers

Here, we will see several packages offered by NewAmerican Funding for first-time home buyers.

  • The company’s 30-Year Fixed Loan will require maintaining a steady monthly payment schedule over 30 years. As a result, payments will be less, making it affordable for low-income persons. Moreover, you can instantly get to live in your newly purchased home with only a 3% down payment.
  • The company’s Adjustable Rate Mortgage scheme can save you some money on interests by adjusting the rate to the current market values. Also, you will be able to enjoy a low fixed rate for the first few years.
  • The company’s VA Loan is offered to the Veterans and the loan is guaranteed by the US Department of Veterans Affairs making it more affordable. Proving your affiliation with the US Military, you can get a loan without any down payments or PMI. However, a guarantee fee will still be applicable.
  • The company’s FHA Loan is the most popular choice for those people who are buying a house for the first time. As the Federal Housing Administration insures the loan, anyone with a low credit score can get it and pay as low as 3.5% to start living in the house.

Check Deals

6. Axos Bank

If you are looking for some unique loan packages with flexible terms, you should check out the offers from Axos Bank below. This financing company comes with several packages and a team of experts to help you through the process.

best mortgage lenders for first time buyers

Loan Options for First Time Buyers

Here, we will see several packages offered by NewAmerican Funding for first-time home buyers.

  • The company’s Confirming Loans are very popular due to its lower interest rates and a large sum of the loan amount, which is more than 450,000. It also offers flexible options tailored to your needs making it more convenient.
  • The company’s Non-confirming Loans are for those in need of larger loan amounts, non-owner-occupied properties, and lower down payment options. It helps people with complex financial conditions and less affordability.
  • The company’s FHA Loans are the most popular choice for those people who are buying a house for the first time. As the Federal Housing Administration insures the loan, anyone with a low credit score can get it and pay a lower down payment.
  • The company’s VA Loans are offered to the Veterans and the loan is guaranteed by the US Department of Veterans Affairs making it more affordable. Proving your affiliation with the US Military, you can get a loan without any down payments or PMI. However, a guarantee fee will still be applicable.
  • The company’s Jumbo and Super Jumbo Loans will offer you a higher loan limit and exceed the limit in some cases so that anyone can get benefitted from the amount.
  • The company’s Home Ready Loans are well-known because you can own a house with only a 3% down payment. The package benefit will also include approval for lower credit scores, expanded eligibility, cancellable insurance, and competitive rates as well as fees.
  • The company’s Interest-Only Mortgages are interesting because you can choose only to pay the interest and select the time to start paying the principal. So, those with the lowest affordability can even get a house of their own.

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7.  SunTrust

From SunTrust, you will get the most versatile offers than any other company on the list. They are great mortgage lenders for first time home buyers because of lower interest rates and flexible terms. This financing company comes with several packages and a team of experts to help you through the process.

best mortgage lenders for first time buyers

Loan Options for First Time Buyers

Here, we will see several packages offered by NewAmerican Funding for first-time home buyers.

  • The company’s 30 Year Fixed Rate Mortgage will require maintaining a steady monthly payment schedule over 30 years. As a result, payments will be less, making it affordable for low-income persons.
  • The company’s 15 Year Fixed Rate Mortgage will require maintaining a steady monthly payment schedule over 30 years. As a result, you won’t have to pay a lot of extra money that is spent on longer loan periods.
  • The company’s VA Loan is offered to the Veterans and the loan is guaranteed by the US Department of Veterans Affairs making it more affordable. Proving your affiliation with the US Military, you can get a loan without any down payments or PMI. However, a guarantee fee will still be applicable.
  • The company’s FHA Loan is the most popular choice for those people who are buying a house for the first time. As the Federal Housing Administration insures the loan, anyone with a low credit score can get it and pay a lower down payment.
  • The company’s Adjustable Rate Mortgage scheme can save you some money on interests by adjusting the rate to the current market values. Also, you will be able to enjoy a low fixed rate for the first few years.
  • The company’s Jumbo Loan will offer you a higher loan limit and exceed the limit in some cases so that anyone can get benefitted from the amount.

Check Deals

8. Navy Federal Credit Union

Credit Unions are always better options than other financial institutions because these are non-profit organizations. If you check out their rates and conditions, you will see why they are one of the top 5 VA loan providers and the best mortgage lenders for first time buyers. The Navy Federal Credit Union comes with several packages and a team of experts to help you through the process.

best mortgage lenders for first time buyers

Loan Options for First Time Buyers

Here, we will see several packages offered by NewAmerican Funding for first-time home buyers.

  • The company’s Conventional Fixed-Rate Mortgage can get you home with only 5% down and one of the lowest interest rates on the market available right now. With a 15-year agreement, you can get an APR as low as 2.679% with a very good credit score.
  • The company’s VA Loans are for veterans that offer homes with no down payment facility. It also offers an APR of 3.478% for 15 years and no other fees or insurances, making it affordable for a lot of families.

Check Deals

9. Flagstar Bank

What you will love about Flagstar Bank is its consultancy that is done by an expert mortgage financing team. This financing company comes with several packages and a team of experts to help you through the process.

best mortgage lenders for first time buyers

Loan Options for First Time Buyers

Here, we will see several packages offered by NewAmerican Funding for first-time home buyers.

  • The company’s 30 Year Fixed Rate Mortgage will require maintaining a steady monthly payment schedule over 30 years. As a result, payments will be less, making it affordable for low-income persons.
  • The company’s 15 Year Fixed Rate Mortgage will require maintaining a steady monthly payment schedule over 30 years. As a result, you won’t have to pay a lot of extra money that is spent on longer loan periods.
  • The company’s Adjustable Rate Mortgage scheme can save you some money on interests by adjusting the rate to the current market values. Also, you will be able to enjoy a low fixed rate for the first seven years.
  • The company’s VA Loan is offered to the Veterans and the loan is guaranteed by the US Department of Veterans Affairs making it more affordable. Proving your affiliation with the US Military, you can get a loan without any down payments or PMI. However, a guarantee fee will still be applicable.
  • The company’s FHA Loan is the most popular choice for those people who are buying a house for the first time. As the Federal Housing Administration insures the loan, anyone with a low credit score can get it and pay a lower down payment.

Check Deals

10. Chase Home Lending

Chase is the last among our list of the but offering the same great packages like the precious ones. This financing company comes with several packages and a team of experts to help you through the process.

Loan Options for First Time Buyers

Here, we will see several packages offered by NewAmerican Funding for first-time home buyers.

  • The company’s 30 Year Fixed Rate Mortgage will require maintaining a steady monthly payment schedule over 30 years. As a result, payments will be less, making it affordable for low-income persons.
  • The company’s 15 Year Fixed Rate Mortgage will require maintaining a steady monthly payment schedule over 30 years. As a result, you won’t have to pay a lot of extra money that is spent on longer loan periods.
  • The company’s Adjustable Rate Mortgage scheme can save you some money on interests by adjusting the rate to the current market values. Also, you will be able to enjoy a low fixed rate for the first seven years.
  • The company’s VA Loan is offered to the Veterans and the loan is guaranteed by the US Department of Veterans Affairs making it more affordable. Proving your affiliation with the US Military, you can get a loan without any down payments or PMI. However, a guarantee fee will still be applicable.
  • The company’s FHA Loan is the most popular choice for those people who are buying a house for the first time. As the Federal Housing Administration insures the loan, anyone with a low credit score can get it and pay a lower down payment.

Check Deals

So, who are the best mortgage lenders?

After a thorough investigation into the customer feedback and loan options, we have found out several companies to be the best mortgage lenders for first time buyers. Among them, both QuickenLoans and RocketMortgage are notable for their services and help to the newbies.

Besides, the Navy Federal Credit Union is best known for its services to the veterans. But you should know more why we are declaring them the best among many others. The answer or reasons behind choosing them are as follows.

  • They help everyone with the basic information and some eligibility checks online. Also, they offer expert consultations so that making a decision does not seem puzzling to you as a new buyer.
  • Among them, you will find a credit union, which is a non-profit organization whose goal is to help its members. So, you won’t get fooled or robbed from them and will be able to save some money for retirement.
  • Many companies charge extra fees on different sections but not the chosen ones. If you calculate the differences, you will realize that a large amount will be saved at the end of the loan period.
  • The online reviews and reputation mark those few companies as the best in the market. You can get real-helps with housing and other financial decisions, and it won’t make the loans a burden on yourself.

So, you know the reasons now, and let’s see the best loan option for you as a new home buyer.

Which loan is the best for first-time homebuyers?

After searching the internet and consulting with the experts, you won’t find a simple answer due to several reasons. However, the general rule is that you should go for the option you are qualified for.

It means that you will not get eligible for all available mortgage options because of your credit score and several other factors. For example, those with a credit score of 580 or 590 are best suited for the FHA loan.

Besides, going with this option might get you lower interest rates and your credit score won’t have to be too high. For better credit scores, you will be able to enjoy more benefits.

So, your first job is to know your credit rating and gather all the available options right now. Compare them based on your eligibility, and you will find the best loan plan from the best financing company.

We can help you with the part where you have to choose the company with the reviews given above. For the first time, buyers, bad credit, or no credit is a common scenario, but that should not stop them from buying a smartphone.

A phone and an internet connection are very important to check all the available options and compare them. So, check out our previously written article on cell phone no credit check financing with no deposit cell phones as well as cell phone no credit check financing with no deposit cell phones

Conclusion

We hope that you have finally got to choose a company that can serve your best purposes. The best mortgage lenders for first time buyers are the results of hours of research and going through hundreds of reviews. So, you won’t regret taking this huge financial decision with one of them.

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