The best affordable mortgages for first-time homebuyers

If you're a first-time homebuyer who's struggling with the credit and down payment requirements that traditionally come with getting a mortgage, these home loans for first-time buyers can help you overcome those hurdles and finally get the keys to your very own home. The bottom line: US Bank's American Dream Loan requires a down payment of at least 3% and likely isn't a suitable option for borrowers who have a low credit score. The bottom line: Navy Federal Credit Union's Homebuyers Choice Loan is a good option for Navy Federal members who don't qualify for a mortgage backed by the US Department of Veterans Affairs, since this loan works similarly to a VA loan, with no down payment and no PMI.

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