Choosing to purchase a home is a big step for many people and there are a few factors you need to consider before you write an offer on a home. The most important one is your mortgage company. Without an affordable loan, buying a home is out of reach for lots of people. If you are looking to buy a home here are four mortgage companies to consider offering Federal Home Assistance Program (FHA) Loans

Guild Mortgage

Started in 1960, Guild Mortgage serves homebuyers in the west, Midwest, and southeastern parts of the US or 40 states. It specializes in helping homebuyers who want an FHA loan and have a lower credit score starting at 580. In addition to accepting those with lower credit scores, Guild Mortgage doesn’t require a 20 percent down payment. It only requires a minimum down payment of 3.5 percent and will finance up to 96.5 percent of the mortgage.

In addition, Guild Mortgage also has down payment assistance for homebuyers in need of it. The company has a comprehensive list of relationships with housing offices in different counties. Factors to qualify for down payment assistance include income but other factors may also be considered. Features include the possibility of avoiding mortgage insurance, qualifying for grants that cover up to the entire down payment amount, and buying a home sooner or increasing the loan amount.

Fairway Nationwide Mortgage

Fairway Nationwide Mortgage serves homebuyers in every state in the United States with various loan types including FHA. They offer both fixed-rate and adjustable rate mortgages at 15, 20, and 30-year terms. Unlike other lenders on this list, Fairway doesn’t give a lot of detail with regard to specific qualifications and down payment assistance. So people must apply first to see if their credit score and other factors are sufficient enough to receive a mortgage.

With that said, Fairway is a lender that serves those with low or moderate income and who need help with a down payment.

CBC Mortgage Agency

Based in Utah, CBC Mortgage Agency focuses specifically on affordable housing for homebuyers using an FHA mortgage. To do this, CBC uses a down payment assistance program to help people realize the dream of homeownership. Chenoa Fund helps people who are creditworthy but are otherwise unable to save for a down payment.

The lack of a down payment is often a barrier to receiving a mortgage. Chenoa Fund removes this barrier by providing down payment assistance and increasing affordable homeownership for homebuyers using FHA loans.

TD Bank

TD Bank is a lender based in Canada offering homebuyers in U.S. states bordering the Atlantic to get an affordable loan including through FHA. Homebuyers can choose from a 15 or 30-year mortgage. TD offers down payment assistance and requires a minimum of 3.5 percent down payment. It also doesn’t require borrower-paid mortgage insurance in its TD Right Step Mortgage program. TD Bank does require education for borrowers purchasing a home.

Since TD Bank only serves Atlantic states, excluding Georgia, from Maine to Florida, it’s an option for people buying property in those states with a minimum credit score of 620. This lender also has a maximum of 41 percent debt-to-income ratio.

Purchasing a home requires a lot from homebuyers in terms of qualifications and also money. That’s why mortgage companies offering affordable loans are so important. Without them and programs like down payment assistance, homeownership wouldn’t be possible for borrowers who are qualified but need help with a down payment. If you’re in the market for a home, check out these affordable mortgage companies.