Getting approved for a mortgage can sometimes be tough. Mortgage lenders will scrutinize every aspect of your financial life, from your credit history to your employment and level of debt. If you're worried you won't qualify, consider mortgage lenders with more lenient approval requirements and programs aimed at helping borrowers.
CNBC Select compared over a dozen mortgage lenders based on factors such as credit score and down payment requirements and compiled a list of the easiest mortgages to qualify for. (See our methodology for more information on how we choose the easiest mortgages.) Remember to shop around and compare several lenders to get the best terms for your mortgage.
Best for low down payment
Rocket Mortgage
Annual Percentage Rate (APR)
Apply online for personalized rates
Types of loans
Conventional loans, FHA loans, VA loans and Jumbo loans
Terms
8 – 29 years, including 15-year and 30-year terms
Credit needed
Typically requires a 620 credit score but will consider applicants with a 580 credit score as long as other eligibility criteria are met
Minimum down payment
3.5% if moving forward with an FHA loan
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Pros
- Can use the loan to buy or refinance a single-family home, second home or investment property, or condo
- Can get pre-qualified in minutes
- Rocket Mortgage app for easy access to your account
Cons
- Runs a hard inquiry in order to provide a personalized interest rate, which means your credit score may take a small hit
- Doesn't offer USDA loans, HELOCs, construction loans, or mortgages for mobile homes
- Doesn't manage accounts for jumbo loans after closing
Who's this for? Rocket Mortgage can be a good fit for a range of homebuyers, including borrowers with credit scores as low as 580 and those who need down payment assistance.
Standout benefits: The lender's ONE+ program lets homebuyers put as little as 1% down, with Rocket Mortgage covering another 2% of the purchase price. Rocket Mortgage also offers Fresh Start, a free program designed to help homebuyers improve their credit before applying for a mortgage.
Best for lender programs and discounts
CitiMortgage®
Annual Percentage Rate (APR)
Apply online for personalized rates
Types of loans
Conventional loans, FHA loans, VA loans and Jumbo loans
Terms
15 – 30 years
Credit needed
580
Minimum down payment
3%
Terms apply.
Pros
- Citi's HomeRun Mortgage program allows for a downpayment as low as 3%
- Citi's Lender Assistance program gives eligible homebuyers a credit of up to $5,000 to use toward closing costs
- Ability to choose between fixed-rate and adjustable-rate mortgages
- New and existing Citi bank customers can qualify for closing cost discounts based on their account balance
- HomeRun mortgage program allows for a downpayment of less than 20% without PMI
- Provides homeownership education and counseling
Cons
- No options for a 0% downpayment
- Existing customers need high account balances to receive some of the highest interest rate discounts
Who's this for? CitiMortgage® can be an excellent choice for those looking for help with closing costs and more affordable monthly payments.
Standout benefits: Citi's HomeRun Mortgage program allows for a down payment as low as 3% and has no private mortgage insurance (PMI) requirement even for less than 20% down. Existing Citi customers with an account balance between $1 and $49,999.99 can be eligible for a $500 closing credit. Those with higher balances can receive an interest rate discount. Qualified borrowers can use the Lender Paid Assistance program to get up to $7,500 in credits toward closing costs. Homeownership counseling and education are also available.
Best for low credit scores
Cardinal Financial Mortgage
Annual Percentage Rate (APR)
Apply online for personalized rates; fixed-rate and adjustable-rate mortgages included
Types of loans
Conventional loan, FHA loan, VA loan, USDA loan, jumbo loans and construction loans
Terms
Not disclosed
Credit needed
Minimum of 550 for some loan types
Minimum down payment
Not disclosed
Terms apply.
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
Cons
- Doesn't offer HELOC's
Who's this for? Cardinal Financial is great for those with a low credit score, including 580 or lower.
Standout benefits: Cardinal Financial accepts scores as low as 550 for FHA and VA loans, and as low as 580 for USDA loans. Zero-percent down payment options are also available.
Best for VA loans
Who's this for? Navy Federal Credit Union is our top pick among the best VA loan lenders for service members or veterans (who are eligible to qualify for special mortgage benefits with a VA loan) thanks to its flexible credit requirements, multiple no-down-payment options and other perks.
Standout benefits: Navy Federal offers VA loans with 0% down, allowing sellers to contribute up to 4% of the home's value toward closing costs. With this option, no PMI is required. Those not eligible for a VA loan might qualify for the lender's Military Choice loan with many of the same benefits, such as no down payment and waived PMI. Additionally, homebuyers who find a real estate agent through RealtyPlus can receive $400 to $9,000 in cash back.
More about the best mortgages for easy approval
Rocket Mortgage
Rocket Mortgage is one of the biggest mortgage lenders in the country. The lender offers several types of loans and has more lenient credit requirements than most lenders in the market.
Minimum credit score
580
Types of mortgage loans offered
Conventional loans, FHA loans, VA loans and jumbo loans
Down payment minimum
0% for VA loans, 1% with the ONE+ program, 3% for first-time homebuyers
CitiMortgage
CitiMortgage stands out for its offers allowing homebuyers to qualify for a mortgage even with a small down payment without worrying about PMI — which can be a significant added cost otherwise. Plus, existing Citi customers can qualify for closing cost or interest rate discounts based on their account balance.
Minimum credit score
Citi doesn't list a minimum credit score — however, the lender offers FHA loans which typically require a score of at least 580.
Types of mortgage loans offered
Conventional loans, FHA loans, VA loans and jumbo loans
Down payment minimum
3%
Cardinal Financial
Cardinal Financial is an online lender advertising low credit score requirements and a wide range of mortgage loan options — even including construction loans.
Minimum credit score
550 for certain loan types
Types of mortgage loans offered
Conventional loans, FHA loans, VA loans, USDA loans, jumbo loans, renovation and construction loans
Down payment minimum
0% for USDA and VA loans
Navy Federal Credit Union
Navy Federal Credit Union is an excellent option for military members. It offers a wide selection of financial products, from credit cards and auto loans to mortgages.
Minimum credit score
Not specified, but the credit union notes they will consider your banking history with Navy Federal as well as your credit score.
Types of mortgage loans offered
VA loans, conventional loans, lender-specific loan programs
FAQs
What is the easiest type of mortgage to get?
Government-backed loan options, such as FHA, USDA and VA loans, are typically the easiest type of mortgage to get because they may have lower down payment and credit score requirements compared to conventional mortgage loans.
What is the lowest credit score to get a mortgage?
Credit score requirements vary by lender and mortgage loan type. However, you can qualify with a score as low as 500 if you're getting an FHA loan with at least 10% down.
What is the minimum down payment on a house?
Generally, you need to put at least 3.5% down with an FHA loan and 3% down with a conventional loan. VA loans and USDA loans don't have a down payment requirement.
How do you get approved for a mortgage easily?
Even if your credit score isn't perfect, lowering your debt, increasing your down payment and picking the right mortgage loan type can make approval more attainable.
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Why trust CNBC Select?
At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. 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 without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.
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Our methodology
To determine which mortgages are the easiest to get approved for, CNBC Select analyzed dozens of U.S. mortgages offered by both online and brick-and-mortar banks, including large credit unions, that come with fixed-rate APRs and flexible loan amounts and terms to suit an array of financing needs.
When narrowing down and ranking the best mortgages, we focused on the following features:
- Credit score requirements: We noted lenders that work with borrowers with less-than-perfect credit, which can help with approval chances. Note that credit requirements may vary by mortgage loan type.
- Fixed-rate APR: Variable rates can go up and down over the lifetime of your loan. With a fixed rate APR, you lock in an interest rate for the duration of the loan's term, which means your monthly payment won't vary, making your budget easier to plan.
- Types of loans offered: The most common kinds of mortgage loans include conventional loans, FHA loans and VA loans. In addition to these loans, lenders may also offer USDA loans and jumbo loans. Having more options available means the lender can cater to a wider range of applicant needs. We have also considered loans that would suit the needs of borrowers who plan to purchase their second home or a rental property.
- Closing timeline: The lenders on our list can offer closing timelines that vary from as promptly as two weeks after the home purchase agreement has been signed to as many as 45 days after the agreement has been signed. Specific closing timelines have been noted for each lender.
- Fees: Common fees associated with mortgage applications include origination fees, application fees, underwriting fees, processing fees and administrative fees. We evaluate these fees in addition to other features when determining the overall offer from each lender. Though some lenders on this list do not charge these fees, we have noted any instances in which a particular lender does.
- Flexible minimum and maximum loan amounts/terms: Each mortgage 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.
After reviewing the above features, we sorted our recommendations by best for high approval chances overall, lender discounts and programs, low credit scores and veterans and active duty members.
Note that the rates and fee structures advertised for mortgages are subject to fluctuate in accordance with the Fed rate. However, once you accept your mortgage agreement, a fixed-rate APR will guarantee the interest rate and monthly payment remain consistent throughout the entire term of the loan, unless you choose to refinance your mortgage at a later date for a potentially lower APR. Your APR, monthly payment and loan amount depend on your credit history, creditworthiness, debt-to-income ratio and the desired loan term. To take out a mortgage, lenders will conduct a hard credit inquiry and request a full application, which could require proof of income, identity verification, proof of address and more.
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