Top 5 Best Mortgage Lenders For First-Time Homebuyers 2021

Categories: Homes Planning Real Estate

Published 01/30/2021

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Forbes Advisor Staff Natalie Campisi reported that first-time homebuyers often face many challenges when buying a home. Simply because they don’t have the advantage of equity from a former home sale, the first-time homebuyer down payments are often smaller than people who have already bought and sold homes.

Also, first-time buyers tend to be younger, so they might not have a long credit history — which may translate into a lower credit score. That means finding loans and lenders that meet their financial needs is essential.

Loan products like FHA, VA, and USDA loans can be great options as they require lower down payments and minimum credit scores. However, you may have to shop around for a knowledgeable lender that can work with you if you have a limited budget or other challenges that might otherwise hinder the approval process.

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Forbes Advisor compiled a list of lenders that excel in various areas, such as offering low down-payment mortgages or specialty loans for first-time borrowers. The Top 5 Best Mortgage Lenders For First-Time Homebuyers 2021 are:

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Click here to read the entire article, view tips for comparing Lenders for First-Time Homebuyers, and Methodology behind their selection.