Best First-Time Home Buyers Mortgage Lenders – Forbes Advisor
Guild Mortgage offers in-person and online mortgage services. With offices in 31 states, borrowers who prefer to do business in person can visit a branch. Conversely, borrowers in 48 states (not New York and New Jersey) can apply online through its MyMortgage digital mortgage program.
The Guild Mortgage is a great option for borrowers with lower credit scores, as it has a minimum requirement of 600, which is about 20 points lower than the average lender charges. Applying for a mortgage through Guild Mortgage is also relatively quick and easy, making it a great choice for people who can’t afford the wait.
At the cutting edge of technology, Guild Mortgage provides services such as automatic client matching with down payment assistance from national and local programs, which is ideal for people who may not have time to do the research themselves.
For buyers in a hurry, the lender offers a 17-day closing guarantee program for home buyers. That’s considerably faster than the industry average of 43 days to shut down, according to Freddie Mac. The guarantee states that the lender pays $ 500 for closing costs if the loan does not close on time due solely to a late guild mortgage.
Available in most states
Guild Mortgage is available online anywhere in the United States except New York and New Jersey. There are branches in 31 states including Alabama, Alaska, Arizona, Arkansas, California, Colorado, Florida, Georgia, Hawaii, Idaho, Illinois, Iowa , Kansas, Louisiana, Missouri, Montana, Nebraska, Nevada, New Mexico and North Carolina. , North Dakota, Oklahoma, Oregon, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, Wisconsin and Wyoming.
How to register
Guild Mortgage offers both branch offices and online access to borrowers who wish to apply for a mortgage. Their paperless application process allows borrowers to send documents electronically, apply and go through the application process online.
Telephone support is very limited and only operates Monday through Friday 6:00 am to 5:00 pm PST; the lender is closed on weekends.
Pre-approval times are not as fast as those of other lenders, with a lead time of 1 to 3 days for pre-approval letters. However, Guild Mortgage offers a 17-day closing guarantee, which can be of interest to borrowers who need to close quickly.
Guild Mortgage’s minimum credit score requirements vary by mortgage. The lender offers loan options to buyers with a credit score as low as 600. The minimum requirements for each program are as follows:
- Down payment assistance: 620 (depending on the program in each state)
- FHA: 600
- Conventional: 620
- VA: 600
- USDA: 600
- Jumbo: 680
Types of loans offered
Guild Mortgage Loans offers both mortgage loans to buyers and refinancers. Its product line includes fixed and adjustable rate (ARM) conventional and jumbo mortgages, FHA, USDA and VA loans. The Lender’s MH Advantage Program is designed for borrowers who purchase a manufactured home. According to Fannie Mae’s guidelines, MH Advantage borrowers must have a minimum credit score of 620. Guild Mortgage also offers FHA home improvement loans and reverse mortgages.
For new construction, the lender offers its StrongStart program. StrongStart allows you to use a builder’s closing cost credit to cover interest on the first three months of a borrower’s monthly mortgage payments. This program is offered with FHA and VA funding (standard and high balance limits).
Guild Mortgage does not offer home equity loans or home equity lines of credit.