Here are the 4 easiest mortgages to qualify for in 2024 (2024)

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.

Easiest mortgages to qualify for

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

    15- and 30-year conventional loans, 30-year VA and FHA loans, custom mortgages with fixed-rate terms from 8 to 29 years.

  • Credit needed

    Typically requires a 620 credit score but will consider applicants with a 580 as long as other eligibility criteria are met.

  • Minimum down payment

    3.5% if moving forward with an FHA loan

Already have a mortgage through Rocket Mortgage or looking to start one? Check out the Rocket Visa Signature Card to learn how you can earn rewards

Pros

  • Largest home lender in the U.S.
  • Offers 1% down conventional mortgage
  • High scores for customer satisfaction
  • Shorter-than-average closing time
  • Rebate of up to $10,000 for buying with Rocket Homes

Cons

  • No USDA mortgages, construction loans or HELOCs
  • Hard credit check required for customized rate
  • Higher origination fees than competition
  • No retail branches

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.

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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.

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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.

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Best for VA loans

Navy Federal Credit Union

  • Annual Percentage Rate (APR)

    Apply online for personalized rates

  • Types of loans

    Conventional loans, VA loans, Military Choice loans, Homebuyers Choice loans, adjustable-rate mortgage

  • Terms

    10 – 30 years

  • Credit needed

    Not disclosed but lender is flexible

  • Minimum down payment

    0%; 5% for conventional loan option

Terms apply.

Pros

  • 0% downpayment for most loan options
  • flexible repayment terms ranging from 10 years to 30 years
  • Offers refinancing, second-home financing and loans for investment properties
  • No PMI required
  • Fast pre-approval
  • RealtyPlus program allows applicants to receive up to $9,000 cash back

Cons

  • Must be a Navy Federal Credit Union member to apply

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.

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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

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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%

[ Return to summary ]

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

[ Return to summary ]

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

[ Return to summary ]

FAQs

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.

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.

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.

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 Selectanalyzed 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.

Catch up on CNBC Select's in-depth coverage ofcredit cards,bankingandmoney, and follow us onTikTok,Facebook,InstagramandTwitterto stay up to date.

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.

Here are the 4 easiest mortgages to qualify for in 2024 (2024)

FAQs

Here are the 4 easiest mortgages to qualify for in 2024? ›

Conventional loans.

You'll likely need a credit score over 620 to qualify and will be required to put down between 3% and 20% of the home cost. Down payments under 20% are subject to private mortgage insurance (PMI) premiums.

How hard is it to get a home loan in 2024? ›

Conventional loans.

You'll likely need a credit score over 620 to qualify and will be required to put down between 3% and 20% of the home cost. Down payments under 20% are subject to private mortgage insurance (PMI) premiums.

What is the easiest mortgage to get approved for? ›

FHA Loans. An FHA loan is a loan backed by the Federal Housing Administration. If you're a first-time home buyer, FHA loans can be very attractive because of lower qualifying requirements. The minimum credit score needed to get an FHA loan through most lenders, including Rocket Mortgage®, is 580.

What credit score is needed for a conventional loan in 2024? ›

In 2024, a buyer needs a credit score of 620 or higher for a conventional mortgage loan. This is a comparatively low rate, squarely in the middle of the “fair” score range. Scores of 670 or higher are considered “good.”

What is the DTI limit for FHA in 2024? ›

The FHA-recommended limit is a DTI ratio of 43%. However, even if you have a higher DTI ratio, lenders can still consider you if you have considerable cash reserves and a high income.

Will 2024 be a better time to buy a house? ›

In summary, buying a house in California in 2024 may be a good time for some buyers, depending on their personal and financial situation. The housing market is expected to rebound from a sluggish year in 2023, with more supply and demand, higher prices and affordability, and lower mortgage rates and inflation.

At what age is it harder to get a mortgage? ›

The upshot is that if you're over the age of 62, you're almost 30% more likely to get rejected for a standard mortgage.

What credit score do you need for a $250000 mortgage? ›

What credit score do you need to get a mortgage? Mortgage lenders typically want to see a score of 620 or better before approving a conventional mortgage. There are government-insured mortgages if your score is lower, and if your score is 760 or higher you'll qualify for the best interest rates.

Which loan company is easiest to get? ›

Easiest-to-get personal loans compared 2024
TitleAPRMin. credit score
Upstart5.2% to 35.99%300
Avant9.95% to 35.99%580
LendingClub8.98% to 35.99%600
OneMain18% to 35.99%Undisclosed
6 more rows
May 7, 2024

Which is the easiest bank to get a mortgage? ›

If your credit score is causing you problems, look at the mortgages offered by Barclays, Halifax, Masthaven Bank, Royal Bank of Scotland and Santander as all of these lenders will consider applicants with a poor credit history. If you've struggled to save up a deposit, 90 or 95% mortgages could help you out.

What is the average mortgage rate in 2024? ›

While McBride had initially expected mortgage rates to fall to 5.75 percent by late 2024, the economic reality means they're likely to hover in the range of 6.25 percent to 6.4 percent by the end of the year.

Is FHA better than conventional? ›

An FHA loan may be a better option if you have a lower credit score, a higher DTI ratio, or less money saved for a down payment. On the other hand, a conventional loan may work better if your finances are sound and you can qualify for favorable loan terms.

What is the lowest down payment for a conventional loan? ›

The minimum down payment requirement for a conventional loan is 3% of the loan amount. However, lenders may require borrowers with high DTI ratios or low credit scores to make a larger down payment. Even if it's not required, if you're able to make a higher down payment, you may want to consider doing so.

What will disqualify you from an FHA loan? ›

The three primary factors that can disqualify you from getting an FHA loan are a high debt-to-income ratio, poor credit, or lack of funds to cover the required down payment, monthly mortgage payments or closing costs.

What's the minimum FICO score for an FHA loan? ›

The Takeaway

To qualify for an FHA-insured loan, you need a minimum credit score of 580 for a loan with a 3.5% down payment, and a minimum score of 500 with 10% down. However, many FHA lenders require credit scores of at least 620.

How much of a down payment for an FHA loan? ›

FHA loans require a minimum 3.5 percent down payment for borrowers with a credit score of 580 or more. Borrowers with a credit score of 500 to 579 need to put 10 percent down to get an FHA loan. Conventional conforming mortgages only require 3 percent down, and VA and USDA loans require no down payment.

Are mortgage rates going down in 2024? ›

The general consensus among industry professionals is that mortgage rates will slowly decline in the last quarter of 2024. The projected declines have shrunk, though, in recent months. At the start of the year, for instance, Fannie Mae predicted rates would drop to 5.8%.

How to afford a house in 2024 for the first time? ›

How can you save to buy a home?
  1. Set your savings goals. The best way to get started is by deciding exactly what you can spend. ...
  2. Budget, budget, budget (but make it easy) ...
  3. Save windfalls of cash. ...
  4. Take on a side hustle. ...
  5. Cut down on costs. ...
  6. Go easy on the credit card. ...
  7. Save money with a home inspector. ...
  8. Down payment assistance.

Will there be a housing recession in 2024? ›

According to MCT housing market experts and other experts in the field, the likelihood of a real estate housing market crash in 2024 is low. Overall, while there are factors that could potentially lead to a housing market crash, the current market conditions point towards a more stable situation.

Is real estate worth it in 2024? ›

As the mortgage rate stabilizes in 2024, more buyers will return, so we'd recommend you to buy a house now. If mortgage payments burn a hole in your pocket, you can always refinance. » Best Time to Buy a House in California: Find out the best time to buy a California property & plan your finances accordingly.

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