Mortgages
Best Mortgage Lenders for First-Time Buyers
Your first mortgage is the one where lender choice matters most: down payment programs, closing-cost help, and patience with thinner credit files. These are the lenders we rank highest for first-time buyers.
Top matches
Rocket Mortgage
- ✓ONE+ lets eligible buyers put 1% down with no PMI
- ✓FHA loans with 3.5% down
- ✓Top-rated online application and service
Chase Home Lending
- ✓Homebuyer grants up to $7,500 toward closing or down payment
- ✓Standard Agency loan with as little as 3% down
- ✓Relationship discounts for Chase customers
Guild Mortgage
- ✓Flexible credit requirements on FHA and government loans
- ✓Strong first-time-buyer programs
- ✓In-house servicing
U.S. Bank Mortgage
- ✓Rate discounts for existing customers
- ✓Wide range of loan products
- ✓Branch and online support
New American Funding
- ✓Strong FHA and government loan programs
- ✓Manual underwriting for thin credit
- ✓First-time-buyer assistance programs
How we ranked these: We ranked every first-time-buyer-tagged lender in our database by our overall methodology score, which weighs approachability, rates and fees, and process.
Last updated June 2026
Questions, answered
How much do I really need for a down payment?
Less than the 20% folklore. Conventional first-time-buyer programs start at 3% down, FHA at 3.5%, and VA at zero for eligible military borrowers. Below 20%, you pay mortgage insurance on conventional and FHA loans. Worth modeling, not a reason to wait years.
What credit score do I need for a first mortgage?
FHA loans can go as low as 580. Conventional loans generally want 620 and up, with the best pricing around 740. If you are close to a threshold, a few months of on-time payments and lower card balances can move your rate meaningfully. Real money.
What first-time buyer assistance actually exists?
Three layers: lender credits like closing-cost contributions, state and local down payment assistance programs, and loan programs with reduced rates or insurance. Ask every lender you compare what they offer first-time buyers specifically. Then check your state housing agency.
Should I get preapproved before house hunting?
Yes. A preapproval tells you your real budget, signals to sellers that your offer is serious, and surfaces credit problems while there is still time to fix them. Multiple mortgage inquiries within about 45 days count as one for scoring purposes, so shop freely.