Easiest Mortgages to Qualify for in 2025
Getting approved for a home loan can be tough: Lenders review every aspect of your finances, including your income, assets, and outstanding debts.
The average rejection rate for mortgage applications rocketed from 12.1% in 2023 to 20.7% in 2024, according to the Federal Reserve Bank of New York. Refinance application rejections increased to a decade-plus high of 25.6%.
CNBC Select compared dozens of mortgage lenders to find the ones with the easiest approval qualifications. (See our methodology for more information on how we made our choices.)
Best for low down payment: Rocket Mortgage
Rocket Mortgage
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Annual Percentage Rate (APR)
Apply online for personalized rates
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Types of loans
Conventional, FHA, VA, jumbo, HomeReady, Home Possible
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Terms
10-, 15- and 30-year fixed-term conventional loans, 30-year VA and FHA loans, custom mortgages with fixed-rate terms from 8 to 29 years.
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Credit needed
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Minimum down payment
0% for VA, 1% for RocketONE+, 3% for conventional, 3.5% for FHA, 10% to 15% for jumbo
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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
- One of the largest home lenders in the U.S.
- Offers 1% down mortgage
- High scores for customer satisfaction from J.D. Power
- 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 the competition
- No physical branches
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 lets homebuyers put as little as 1% down, with Rocket Mortgage covering another 2% of the purchase price.
Standout benefits: Rocket Mortgage’s Fresh Start program helps homebuyers improve their credit score before applying for a mortgage.
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Best for non-QM loans: Guild Mortgage
Guild Mortgage
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Annual Percentage Rate (APR)
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Types of loans
Conventional, FHA, VA, USDA, Arrive Home, Zero Down, jumbo, renovation, refinancing, reverse mortgages, home equity loans
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Terms
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Credit needed
540 for FHA, VA and USDA loans; 600 for Zero Down; 620 for conventional loans, 680 for jumbo loans. Nontraditional credit options available
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Minimum down payment
0% for USDA, VA, Arrive Home™ or Zero Down; 1% for conventional loans, 3.5% for FHA loans
Pros
- More than 740 branches in 46 states
- Offers home equity loans and reverse mortgages
- Approves jumbo loans with 680 credit score
- E-closings available
Cons
- Rates are not available online
- Does not issue mortgages in New York
- Mixed customer satisfaction scores from J.D. Power
Who’s this for? Non-qualifying mortgages, or non-QM loans, are for borrowers who have difficulty getting approved for a conventional mortgage, typically due to credit history or income predictability. Guild Mortgage offers non-QM options for self-employed people, 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.
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Best for lender grants and credits: Citibank
Citibank Mortgage Account
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Annual Percentage Rate (APR)
Apply online for personalized rates
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Types of loans
Conventional, FHA, VA, jumbo, HELOC, refinancing
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Terms
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Credit needed
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Minimum down payment
Conventional mortgage: 5%, HomeRun loan: 3%, FHA: 3.5%, VA: 0%.
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.
Who’s this for? Citibank is an excellent option for closing cost grants or other 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.
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Best for low credit scores: Cardinal Financial Mortgage
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 thanks 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.
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Best for FHA loans: Chase Bank
Chase Bank
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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 loans, FHA loans, VA loans, jumbo loans and proprietary low-down-payment DreaMaker℠ and Standard Agency mortgages.
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Terms
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Credit needed
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Minimum down payment
3% for DreaMaker℠ or Standard Agency loan
Pros
- 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
Cons
- No USDA loans or HELOCs
- No closing guarantee for refinancing
- Chase homebuyer grant only available in select areas.
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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.
More about the best mortgages for easy approval
Rocket Mortgage
Mortgage types: Conventional, FHA, VA, HomeReady, Home Possible, Rocket ONE+, jumbo, refinancing, home equity loan
Minimum credit score: 620 for conventional, 500 for FHA
Minimum down payment: 0% for VA, 1% for Rocket ONE+, 3.5% for FHA loan
Citibank
Founded in 1812 as City Bank of New York, Citibank is now the fourth-largest bank in the U.S. While it lends in all 50 states, physical branches are concentrated in Chicago, Los Angeles, Miami, New York, San Francisco and Washington, D.C.
Mortgage types: Conventional, FHA, VA and jumbo loans
Minimum credit score: Not disclosed.
Minimum down payment: 0% for VA loans; 3% for conventional loans, 3.5% for FHA loans, 10% for jumbo
Cardinal Financial
Based in North Carolina, Cardinal Financial is an online lender that offers home loans with low credit score requirements. The BBB gave it an A+ rating.
Mortgage types: Conventional, FHA, VA, USDA, jumbo, refinancing
Minimum credit score: 580 for FHA and VA loans, 580 for USDA loans.
Minimum down payment: 0% for VA loans and USDA loans, 5.3% for FHA loans
Guild Mortgage
Mortgage types: Conventional, USDA, VA, FHA, jumbo, refinancing, home equity, HELOC, reverse mortgage
Minimum credit score: 540 for VA loans
Minimum down payment: 0% for VA loans
Navy Federal Credit Union
Mortgage types: Conventional, VA, jumbo, Military Choice, Homebuyers Choice
Minimum credit score: Not disclosed
Minimum down payment: 0% for VA, Military Choice or Homebuyers Choice loans; 3% for conventional loans
Chase Bank
Mortgages offered: Conventional, FHA, VA, DreaMaker, jumbo, refinancing, home equity loan
Minimum credit score: 620 for conventional, 500 for FHA
Minimum down payment: 0% for VA, 3% for DreaMaker, 3.5% for FHA
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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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.
Our methodology
To determine which mortgages are the easiest to qualify for, CNBC Select analyzed numerous mortgage types offered by a variety of 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 with less-than-perfect credit, which can help with 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.
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