First-time buyers benefit from lenders with specific first-time-buyer programs: low-down-payment options (3-5%), down-payment assistance grants, and credit-counseling support. Here are 4 lenders worth shopping for first-time home purchases.
Largest US nonbank lender with full first-time buyer support — broad FHA / VA / conventional coverage. Verified Approval product carries weight with sellers in competitive markets.
Up to $5,500 in closing-cost grants for Community DreaMaker loans (income-limit areas). Existing Chase deposit/credit relationship streamlines first-time-buyer documentation. Branch network for in-person closings.
America's Home Grant: up to $7,500 closing-cost grant. Down Payment Grant up to $10,000 in eligible markets. Strong for first-time buyers who qualify for these specific programs.
$0 origination fee = meaningful closing-cost savings for first-time buyers who are cash-tight. Fastest in market for clean files (21-35 days vs 30-60 days typical).
Conventional loans: 3-5% minimum (Fannie Mae HomeReady, Freddie Mac Home Possible at 3%). FHA loans: 3.5% with 580+ FICO. VA loans (military-eligible): 0% down. USDA loans (rural areas): 0% down. Below 20% down on conventional or FHA, expect PMI (private mortgage insurance) until LTV reaches 78%.
Down payment assistance grants (vary by state/lender) reduce your cash-to-close. Closing-cost grants (Chase DreaMaker, BofA America's Home Grant) cover lender fees + title/recording. Tax credits (Mortgage Credit Certificates in some states) reduce annual tax burden. Stack what you qualify for; programs have income limits and geographic eligibility.
Yes — buyer's agents are typically paid by the seller (out of the seller's listing-agent commission) so the service is effectively free to you. Buyer agent value is high for first-time buyers: navigating offers, contingency negotiation, inspector + appraisal coordination, closing logistics. Pick one based on their first-time-buyer experience, not just their listings. The CFPB publishes a first-time homebuyer guide at consumerfinance.gov. See our full guide (/blog/best-mortgage-lenders-2026) and (/blog/best-personal-loans-2026). Reviewed by Brian's ClearValue Lending Team. Updated May 2026.