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
Summitview VA Loan
- ✓VA purchase loans with zero down payment
- ✓VA streamline refinance (IRRRL) with minimal documentation
- ✓No private mortgage insurance at any down payment level
- ✓Loan specialists trained on military pay, PCS moves, and entitlements
- ✗VA funding fee applies unless you have an exemption
Hearthstone 30-Year Fixed
- ✓Down payments from 3% on conventional and 3.5% on FHA
- ✓First-time buyer credit of up to $2,500 toward closing costs
- ✓FHA loans accepted down to a 580 credit score
- ✓Rate lock of 60 days free, with a float-down if rates drop
- ✗Origination fee of 0.5% on most loans
Oakfield HomeStart Mortgage
- ✓Fully online application with approval decisions in 24 hours
- ✓3% down conventional program for first-time buyers
- ✓No lender origination fee
- ✓Document upload and e-closing handled in one portal
- ✗No loan officers or branches if you want in-person guidance
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.