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Best Mortgage Lenders for First-Time Home Buyers
BRAND PASS · U.S. first-time home buyers
Best Mortgage Lenders for First-Time Home Buyers
Your first home. A clearer way to finance it.
Explore SoFi home purchase mortgages or compare participating lenders through LendingTree. Understand your down payment, monthly costs and next steps before you apply.
For eligible U.S. borrowers and properties. Being a first-time buyer does not guarantee approval or access to a particular program.
About this guide: BRAND PASS compares two selected services, not the whole market. “Best” depends on your circumstances; neither service is ranked or independently rated here. Links currently go to official websites and are not affiliate links. BRAND PASS does not offer loans or personal mortgage advice. External links open in a new tab.
Choose how you want to shop
Two starting points for your first mortgage.
Our suitability assessment focuses on how each service works, down-payment information and questions a first-time buyer should ask. It is not a personalized recommendation or a hands-on review.
SoFi
Home Purchase Mortgages
Why consider it: A direct route to explore a mortgage, with an advertised 3% down-payment option for qualifying first-time buyers.
- Explore home purchase mortgages and an online application process.
- Review the down payment and insurance required for your loan.
- Discuss prequalification or conditional preapproval with SoFi.
Suitability check: Worth exploring if you want a direct lender and a smaller initial down payment. A smaller deposit does not guarantee a lower overall cost. SoFi requires PMI on conforming loans above 80% loan-to-value; product and state restrictions apply.
Check SoFi buyer options ↗
Confirm eligibility and current terms directly with SoFi.
LendingTree
Mortgage Comparison
Why consider it: A way to explore participating lenders and ask about first-time buyer products for which you may be eligible.
- Explore mortgage matches based on your profile and location.
- Compare lender offers, fees and down-payment requirements.
- Ask each lender about low-down-payment loans and assistance-program participation.
Suitability check: Worth exploring if you want to compare lenders before choosing one. LendingTree does not make the loan. Specific first-time buyer offers and assistance programs are not guaranteed to appear in your matches.
Explore first-time buyer comparisons ↗
Review data-sharing and contact consent terms before submitting.
Which approach suits your first purchase?
Compare the shopping experience first. Compare actual Loan Estimates once you have lender offers.
| Your priority | SoFi | LendingTree |
|---|---|---|
| How you shop | Explore a loan directly with SoFi | Explore participating lenders through a marketplace |
| Smaller down payment | As low as 3% for qualifying first-time buyers; conditions apply | Requirements vary by matched lender and loan program |
| Mortgage insurance | PMI applies to conforming loans above 80% loan-to-value | Depends on the lender and loan type |
| Buyer assistance | Ask about compatibility with your local program | Ask matched lenders whether they participate in your local program |
| What to confirm | Eligibility, fees, credit checks and closing timeline | Offer eligibility, lender fees, credit checks and contact consent |
Budget before you house-hunt
Your down payment is only the start.
A manageable upfront deposit matters. So does having enough cash to close and a monthly payment you can comfortably maintain.
01. Down payment
For illustration, 3% of a $300,000 home is $9,000. At 5%, it is $15,000; at 20%, $60,000. These are arithmetic examples, not quotes or eligibility promises.
02. Closing & moving costs
The down payment does not include closing costs. Ask for the estimated cash to close, then allow separately for moving, immediate repairs and a savings cushion.
03. Monthly ownership costs
Include principal, interest, taxes, homeowners insurance, mortgage insurance where required, HOA fees and maintenance. A quoted principal-and-interest payment is not the full budget.
Ask about assistance: State and local first-time buyer programs may help eligible buyers. Availability, income limits, property rules and participating lenders vary. Some assistance is repayable or subject to conditions; check the program’s official terms.
From exploring to applying: three useful steps.
1. Prepare your picture
Have your income, monthly debts, savings, target home price and location ready. Ask the lender which documents it needs to verify your details.
2. Explore lender options
Start with SoFi directly or compare through LendingTree. Ask about first-time buyer eligibility, mortgage insurance and support during the application.
3. Compare the whole offer
Compare Loan Estimates for equivalent loan amounts and terms. Review APR, points, fees, monthly payments and cash to close before making a decision.
Prequalification is an initial assessment. Preapproval is conditional and does not guarantee final approval or a commitment to lend.
First-time buyer questions, answered.
Is SoFi suitable for first-time home buyers?
It is an option to explore, particularly if you want a direct lender with an advertised low-down-payment option. Whether it suits you depends on eligibility, the actual costs and the loan terms offered. Compare your offer with alternatives.
Does LendingTree offer first-time buyer mortgages itself?
No. LendingTree is a marketplace. Participating lenders provide loan offers and determine eligibility. Ask matched lenders which first-time buyer products are available to you.
Can I qualify with only 3% down?
SoFi advertises as little as 3% down for qualifying first-time buyers. That is not a universal requirement or an approval promise. Confirm the loan’s conditions, closing costs and mortgage insurance before proceeding.
Who counts as a first-time buyer?
The definition depends on the lender or assistance program. Some programs can include people who owned a home in the past. Ask the specific provider to confirm its definition rather than assuming you qualify or are excluded.
Are down-payment assistance programs guaranteed?
No. Eligibility, available funding and lender participation vary. Neither using LendingTree nor applying to SoFi guarantees assistance. Ask the program administrator about restrictions, repayment and how assistance fits with your mortgage.
Will exploring options affect my credit score?
SoFi says its initial rate check uses a soft credit pull, while continuing an application involves a hard pull that may affect credit. Confirm the current process before proceeding. With LendingTree, ask each matched lender about credit checks and read the submission terms.
Are these mortgages for buyers in the UK?
This page covers U.S. home purchase mortgage services for eligible borrowers and properties. UK residential mortgage buyers need providers serving the UK market.
Take the next step with clarity
Explore the mortgage options for your first home.
Check SoFi’s requirements or explore participating lenders with LendingTree. Your personalized terms will help you decide what works for your budget.
Continue on the provider’s website. This page does not collect mortgage applications or personal financial information.
Continue exploring: Compare mortgage lenders.
Sources: SoFi mortgage terms · LendingTree mortgages · First-time buyer program guide · CFPB home loan toolkit. Information checked 8 October 2026. Terms can change.
General information only, not personalized financial advice. Rates, offers and approval are not guaranteed. Your home secures the mortgage; missed payments can lead to foreclosure.