Mortgage lenders can excel in certain areas, but lack in others. As a first time home buyer, you should first be aware of your financial standing, and then try to find the mortgage lenders that best fit your needs. Here’s a list of the top 10 mortgage lenders that have continuously provided good services to first time home buyers over the years.

The average monthly mortgage payment amount for first-time buyers is 760.54, according to MoneySuperMarket data from January 2016 – July 2018. Compare mortgages for first-time buyers Using a mortgage comparison tool can help you get a better idea of what kind of mortgage deals are out there for first-time buyers, and which ones you might be able to get based on your loan-to-value.

What Type Of Mortgage Can I Afford “What can I afford?” To help answer that question, let’s calculate what level of salary you or your household are going to need to make in order to purchase a home, based on average prices in 2017 so.

The best mortgage lenders for first-time home buyers embrace FHA, VA and USDA loans and have low minimum down payments. Here are tips to find the best lender.

House Payment Affordability Calculator 2. Multiply your monthly take-home pay by 25% to get your maximum mortgage payment. If you earn $5,000 a month, that means your monthly house payment should be no more than $1,250. The calculator below will show you a ballpark figure for how much house you can afford based on your down payment amount and maximum house payment.

You can get a better idea of what the price of a home should be. Learn the secrets first-time home buyers need to know. More than 90 percent of homebuyers start their house hunt online, and they will.

HOW TO REALLY GET A MORTGAGE? + HOW TO FINANCE YOUR RENOVATIONS? UK Quicken Loans is a well-known mortgage lender making things simple for first-time home buyers with down payments of as low as 3% of the value of your new home. Loan amounts vary from as low as $25,000 to as high as $3 million.Quicken is one of the largest mortgage lenders for first time buyers to offer mortgages under the FHA home-buyer program.

SmartAsset researched and ranked the best mortgage lenders for first-time homebuyers using a range of criteria, including first-time homebuyer education and tools, interest rates and fees, customer service, online accessibility, overall accessibility, customer satisfaction, loan availability and more.

How Much Should Mortgage Be Based On Income Sticking with our example of an income of $5,000 a month, you could afford these options on a 15-year fixed-rate mortgage: 7,767 home with a 10% down payment ($18,777) $211,238 home with a 20% down payment ($42,248)

Wells Fargo is a unique name on this list of the best mortgage lenders for first-time buyers because they have a specifically designated first-time buyer mortgage called yourFirst Mortgage . your First Mortgage is a home loan that requires as little as a 3% down payment.

Halifax has launched a new family boost mortgage to help first-time buyers get on the ladder without. while providing.

The FHA Loan is the type of mortgage most commonly used by first time home buyers and there’s plenty of good reasons why.