If you don’t think there is a mortgage type for you, think again.
Most mortgages usually require a credit score of at least 620 (sometimes higher), tax returns that show a history of steady income, not too much debt and a down payment of no less than 5%. But, if you have less-than-perfect credit, a non-W2 job or you’re short on down payment savings, there are actually loan types made specifically for you.
CNBC Select has compared dozens of mortgage lenders to find those with the most flexible approval requirements. For more information on how we made our choices, view our methodology.
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Easiest mortgages to qualify for
Best for a low down payment: Rocket Mortgage
Who’s this for? Rocket Mortgage is a good fit for many homebuyers, including those who need down payment assistance. The online lender’s ONE+ program allows homebuyers to put as little as 1% down, with Rocket Mortgage covering an additional 2% of the purchase price.
Standout benefits: Rocket Mortgage’s Fresh Start program helps homebuyers improve their credit score before applying for a mortgage.
- Offers 1% down mortgage
- Above average scores for customer satisfaction from J.D. Power
- Average closing time of 22 days.
- Rebate of up to $10,000 for buying with Rocket Homes
- No USDA mortgages, construction loans or HELOCs
- Hard credit check required for customized rate
- No physical branches
Best for non-QM loans: Guild Mortgage
Who’s this for? Non-qualifying mortgages, or non-QM loans, are intended for borrowers who have difficulty getting approved, often because of credit history or income unpredictability. Guild Mortgage offers non-QM options for self-employed workers, medical professionals, Amazon employees, borrowers without Social Security numbers and others.
Standout benefits: Guild’s Zero Down mortgage combines a 3.5% FHA loan with a forgivable second mortgage, bringing your down payment to 0%.The Arrive Home loan, another zero-down mortgage, is available to borrowers earning up to 160% of the area median income.
- Homebuyer Express loan closes in 17 days or borrowers can receive $500 in closing costs
- More than 740 branches in 46 states
- Offers home equity loans and reverse mortgages
- E-closings available
- Rates are not available online
- Does not issue mortgages in New York
Best for lender grants and credits: Citibank
Who’s this for? Citibank is an excellent option for closing cost grants and other forms of assistance. Qualified borrowers can get up to $7,500 with the Lender Paid Assistance program and existing Citi customers may be eligible for an interest rate discount or a $500 closing credit.
Standout benefits: You can get approved for Citi’s HomeRun mortgage with as little as 3% down, with no private mortgage insurance to pay.
Citibank Mortgage Account
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Mortgage types
Conventional, FHA, VA, jumbo, HELOC, refinancing
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Minimum credit requirement
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Minimum down payment
Conventional mortgage: 5%, HomeRun loan: 3%, FHA: 3.5%, VA: 0%.
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Terms
Pros
- Lower-than-average mortgage rates
- Existing customers can earn closing credit or rate reduction
- Up to $7,500 closing grant
- Jumbo loans available for up to $8 million
Cons
- No USDA loans
- No zero-down payment option except for VA loan
- Limited customer service hours
- Received F from Better Business Bureau.
Best for low credit scores: Cardinal Financial Mortgage
Who’s this for? Cardinal Financial accepts borrowers with scores as low as 550 for FHA and VA loans and 580 for USDA loans.
Standout benefits: Qualified borrowers can get up to $6,500 in grants through the Cardinal Special Purpose Credit Program.
Cardinal Financial Mortgage
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Annual Percentage Rate (APR)
Apply online for personalized rates; fixed-rate and adjustable-rate mortgages included
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Types of loans
Conventional loan, FHA loan, VA loan, USDA loan, jumbo loans and construction loans
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Terms
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Credit needed
Minimum of 550 for some loan types
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Minimum down payment
Pros
- Wide variety of home loan options
- More accessible loan options for borrowers with low credit scores
- Online support available
- Down payment assistance available in all 50 states
Best for VA loans: Navy Federal Credit Union
Who’s this for? Navy Federal Credit Union is one of our top picks for VA loans due to its flexible credit requirements and multiple no-down-payment options.
Standout benefits: In addition to traditional VA loans, Navy Federal issues Military Choice and Homebuyers Choice mortgages, which allow sellers to contribute up to 6% of the home’s value toward closing costs. If you find a better rate with a competitor, Navy Federal will match it or give you $1,000 after closing.
Best for FHA loans: Chase Bank
Who’s this for? Chase offers FHA loans — government-backed loans without the military service or location requirements of VA and USDA loans — that only require a credit score of 500.
Standout benefits: Chase’s DreaMaker loan only requires a 3% down payment and income limits have been lifted in many cities.
- Chase DreaMaker℠ loan only requires 3% down payment
- Existing customers eligible for rate reduction
- Above-average customer satisfaction scores
- Closing timeline guarantee
- Homebuyer grants of up to $7,500
- No USDA loans or HELOCs
- No closing guarantee for refinancing
- Chase homebuyer grant only available in select areas.
How to calculate your mortgage payment
What do I need to get approved for a mortgage?
Here’s what you typically need to score these common mortgage types.
| Minimum down payment | Eligibility | Minimum credit score | |
|---|---|---|---|
| VA loan | 0% | Active-duty U.S.service members veterans, Reserves National Guard and eligible surviving spouses | 620 |
| FHA loan | 3.5% | Debt-to-income ratio of 43% percent or less (up to 50 percent in some cases) | 580 with 3.5% down or 500 with 10% down |
| USDA loan | 0% | No more than 115% area median income, property in qualifying area | Typically 640 |
| HomeReady mortgage | 3% | No more than 80% of the area median income | 620 |
| Home Possible® mortgage | 3% | No more than 80% of the area median income | 660 |
| HomeOne® mortgage | 3% | First-time homebuyers (no income requirement) | 660 |
How to get a home with less-than-perfect credit
There are ways to get a home loan with a credit score below 620.
1. FHA loan
Because they’re backed by the Federal Housing Authority, FHA loans have laxer credit requirements than conventional mortgages: You can be approved with a FICO Score of 500 if you have a 10% down payment and, if you have a 580 or better, you only need 3.5% down. Unlike other low-down-payment options, FHA loans don’t have income limits.
2. USDA loans
Guaranteed by the U.S. Department of Agriculture, USDA loans are available with lower interest rates, no down payment and no private mortgage insurance.
You do have to meet income requirements, however, and be using the loan to buy a primary residence in an eligible area.
3. Get a co-signer
If you have a relative or friend with good credit, you can ask them to co-sign your mortgage. It’s a big ask, though, since it means they’re financially responsible if you can’t make payments.
Not all lenders will accept co-signers and some government-backed loans have strict co-signing requirements.
Protect your property and possessions from fire, theft, and other unexpected perils.
Offers in this section are from affiliate partners and selected based on a combination of engagement, product relevance, compensation, and consistent availability.
Amica offers two tiers of homeowners insurance: A standard policy and the brand’s Platinum Choice plan, which covers more situations and has extended coverage for jewelry and liability. Add-on options include computer coverage, sump pump backup coverage, and dwelling replacement coverage.
Mortgage FAQs
What is the easiest mortgage to get approved for?
Because they’re guaranteed by federal agencies, FHA, USDA and VA loans are typically the easiest to get approved for. While they have more flexible down payment and credit score requirements, VA loans are only available to former or current service members. USDA loans have both income and location requirements.
What is the lowest credit score you can have to get a mortgage?
Credit score requirements vary by lender and mortgage type. However, you can typically qualify for an FHA loan with a score as low as 500 if you put at least 10% down and have a debt-to-income ratio of 50% or lower.
What is the minimum down payment on a house?
Most private lenders want a down payment of at least 3% on a conventional mortgage. The minimum for a government-backed FHA loan is 3.5% if you have a credit score of at least 580, or 10% if you have a score between 500 and 579. VA and USDA loans don’t require a down payment.
How can you get approved for a mortgage easily?
Improving your credit, lowering your debt-to-income ratio and increasing your down payment are three ways to get approved for a mortgage more easily.
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At CNBC Select, our mission is to deliver high-quality service journalism and comprehensive consumer advice to our readers, enabling them to make informed financial decisions. Every mortgage review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of mortgage products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content independently of our commercial team and any outside third parties, and we pride ourselves on maintaining high journalistic standards and ethics.
Our methodology
To determine which mortgages are the easiest to qualify for, CNBC Select analyzed numerous mortgage types offered by various institutions, including online lenders and brick-and-mortar banks.
When narrowing down our choices, we focused on the following features:
Credit score requirements: We noted lenders that work with borrowers who have less-than-perfect credit, which can increase approval chances.
Loan types: We weighed lenders more heavily if they offered government-backed FHA, USDA or VA loans, which have more flexible requirements, or if they had loans for low-income borrowers.
Fees: Common fees associated with mortgage applications include origination fees, application fees and closing costs. If possible, we noted if a lender had low lender costs, discounts or fee waivers.
Loan amounts/terms: Each lender provides a variety of financing options that you can customize based on your monthly budget and how long you need to pay back your loan.
Minimum down payment: Although minimum down payment amounts depend on the type of loan a borrower applies for, we noted lenders that offer additional specialty loans that come with a lower minimum down payment amount.
We also considered CNBC Select audience data when available, such as general demographics and engagement with our content and tools.
Based on these criteria, our picks for the easiest mortgage companies to get approved by are:
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Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.