What Mortgage is best for First Time Buyer or how do I qualify for a First Time Home Buyers Loan? As a First Time Home Buyer, the process can be exciting and also overwhelming. You will need tips to help you achieve your goal. Thus, this article is aimed at lecturing you on how to get a Mortgage as a First Time Home Buyer. In the meantime, there are several Lenders that offer people searching for a Home Mortgage. They each have their own requirements as well as different interest rates.
Before getting a Home Mortgage, it is imperative you compare each lender’s interest rate using their Home Mortgage Calculator. As a First Time Home Mortgage Buyer, comparing the interest rates of each lender will enable you to find good deals or get a loan at a low-interest rate. Thereby, you will get to save a thousand dollars for other financial purposes. You can check out the outline below for some of the best First Time Mortgage Lenders for 2022 Homebuyers.
What Are The Requirements to Get a First Time Buyer Mortgage?
As stated above, in order to get a First Time Buyer Mortgage, there are certain requirements that are needed to obtain a First Time Buyer Mortgage. However, these requirements depend on the type of loan you are applying for. Also, requirements might vary from country to country. Generally, to get a First Time Buyer Mortgage, you must be 18 plus and above. In addition, you need proof of income for a minimum of two years enough to pay the mortgage, a down payment of at least 3.5%. You will also need to have an average credit score of at least 620. Note that, there are several companies that might offer you loans without a down payment and with a credit score of 500 and above.
Best Mortgage Lenders for First Time Buyers In 2022
In this part of this write-up, we will be looking at the top five best First Time Home Buyers. You can read through this article to the end. Meanwhile, some of the top Lenders include; Bank of America, Chase Bank, Guild Mortgage, Navy Federal Credit Union, and NBKC Bank. Below is an in-depth overview of each of the mentioned Mortgage Lenders.
Bank of America
Bank of America is one of the best Mortgage Lenders that offer you a wide range of financial assistance but you need a good credit score to qualify for its Mortgage Loans. For first Time Mortgage borrowers, you get to receive discounts on fees if you are a Bank of America Customer. Down payment, closing cost assistance programs are also available for first-time homebuyers but this totally depends on your state. The disadvantage of the Bank of America includes; No Home equity Loans, Construction Loans, No USDA Loans and they don’t accept alternative forms of credit. It is worthy to note that, you must have at least a credit score of 640, a down payment of 3%, and the mortgages they offer includes; Conforming, Jumbo, FHA, VA, HELOC and Refinance.
Chase
Chase Bank is another strong Mortgage Lender that is best for providing First Time Mortgage Buyers with different loans such as Conforming, FHA, VA, Jumbo, Chase Dreamaker, refinance as well as HELOC. Just like the Bank of America, you must have a Minimum Credit Score of 640 and a 3% down payment. You can get the best affordable Mortgage loan from the company and also use its advanced tools for checking out customized rates and payments online.
Guild Mortgage
Guild Mortgage also provides its customers with a wide range of Mortgages ranging from FHA, USDA, VA, Reverse, Renovation, Refinance, Conforming, and Jumbo. It is one of the great options for first-time Home Lenders and they give you loans or grants for a down payment. Unlike Chase and Bank of America, the Guild Mortgage accepts alternative forms of credit and an option to close online. However, the cons are that, they don’t offer HELOCs, construction loans, and no home equality loans.
Navy Federal Credit Union
If you are affiliated with the Military and you are searching for a First Time Buyer Home Mortgage, Navy Federal Credit Union is a great option for you. The financial institution offers a wide range of mortgage loans such as VA, Military Choice, Homebuyers Choice, refinance, Jumbo, and Conforming. However, the cons of the Federal Credit Union are that there are limited options for non-military Mortgages, no USDA Loans, FHA Loans, Construction Loans, and more.
NBKC Bank
One of the reasons why NBKC Bank stands out among other Mortgage Lenders is its Live Online Chat which enables First Time Homebuyers to make inquiries about the process and receive quick answers. The Mortgage loans this company offers include; FHA, VA. Refinance, Conforming and Jumbo. No USDA Loans, Home equality, or construction loans are available and they also don’t accept alternative forms of credit.