Best mortgage lenders for first-time homebuyers in 2026

Core Insights - The article provides a guide to the best mortgage lenders for first-time homebuyers in 2026, focusing on criteria such as first-time buyer loans, low down payment options, and down payment assistance [1] Group 1: Best Mortgage Lenders - Chase offers a minimum credit score of 620 for conventional loans and 680 for jumbo loans, with a down payment minimum of 3% for conventional loans and 3.5% for FHA loans [2] - Veterans United Home Loans requires a credit score of 620 for conventional and VA loans, with a down payment minimum of 3% for conventional loans and 3.5% for FHA loans [2] - Bank of America has a credit requirement of 620 for conventional loans and a down payment minimum of 3% for conventional loans and 3.5% for FHA loans [2] - Better requires a credit score of 620 for conventional loans and 580 for FHA loans, with a down payment minimum of 3% for conventional loans and 3.5% for FHA loans [2] - PenFed Credit Union requires a credit score of 620 for conventional loans and 700 for jumbo loans, with a down payment minimum of 3% for conventional loans and 3.5% for FHA loans [2] - PNC Bank has a credit requirement of 620 for conventional loans and 600 for FHA loans, with a down payment minimum of 3% for conventional loans and 3.5% for FHA loans [2] - Wells Fargo requires a credit score of 620 for conventional loans, with a down payment minimum of 3% for conventional loans and 3.5% for FHA loans [2] Group 2: Mortgage Lender Types - Different types of mortgage lenders include banks, credit unions, independent institutions, and mortgage brokers, who can help find loan offers from various lenders [3] - First-time homebuyers should consider their goals and preferences, such as the type of loan, duration of stay, and support needs, to narrow down lender choices [4] Group 3: First-Time Homebuyer Programs - First-time homebuyer programs typically offer lower interest rates, reduced down payment requirements, and other savings options, such as lower mortgage insurance premiums [7] - Grants for first-time homebuyers may be available to assist with down payments or closing costs, often not requiring repayment if certain conditions are met [8] - The amount needed for a down payment varies, with options as low as 3% for conventional loans and no down payment for eligible military members or rural buyers [9] Group 4: Methodology - Bankrate evaluates over 75 lenders based on affordability, availability, and borrower experience, assigning a Bankrate Score out of five stars, with top lenders generally scoring 4.8 stars or higher [10]