If you're worried that your non-traditional job, a less-than-perfect credit score, or a shortage of savings could impact your chances at getting a mortgage, don't lose hope.
While most mortgage types require a credit score of at least 620, tax returns showing a history of steady income and a down payment of at least 5%, there are specific home loans and lenders that don't have these requirements.
CNBC Select 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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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 a 1% down mortgage, making it a great option for first-time homebuyers who don't have enough saved up for a down payment.
- Above average scores for customer satisfaction from J.D. Power, meaning you'll be in great hands from application to closing day.
- With an average closing time of 22 days — nearly half the industry average — homeowners will be able to get the keys to their home as soon as possible.
- Rocket will give you a rebate of up to $10,000 for buying with Rocket Homes, which pairs homeowners with a real estate agent.
- No USDA mortgages, construction loans or HELOCs
- Hard credit check required for customized rate
- No physical branches
Best for low credit scores: Cardinal Financial Mortgage
Who's this for? If you have poor credit, Cardinal Financial should be one of the first lenders on your list. It 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
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
Best for VA loans: Navy Federal Credit Union
Who's this for? If you're looking for a VA loan, Navy Federal Credit Union is a great choice. Its 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 non-QM loans: Guild Mortgage
Who's this for? If you're looking for non-qualifying mortgages, or non-QM loans — ideal for those with thin credit history or income volatility — Guild Mortgage is a great option. It 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.
- Offers a wide range of uncommon loans, so you're more likely to find one that fits your needs than with other lenders.
- Boasts several down payment assistance programs, making it a great lender for first-time homebuyers who may not have much saved up for a down payment.
- Some loans closes can receive a 17 day closing guarantee, which can ensure you get the keys to your home in quicker than half the average timeline.
- E-closings available so you may be able to finalize your mortgage paperwork from your couch.
- 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.
- Boasts lower-than-average mortgage rates, making it a good for those looking for affordability
- Great perks for existing customers like closing credits or rate reductions
- Up to $7,500 closing grant, a game changer for those who don't have a lot of cash saved up beyond their down payment.
- Jumbo loans available for up to $8 million — unusually high — so it will cover most purchases.
- No USDA loans
- No zero-down payment option except for VA loan
- Limited customer service hours
- Received F from Better Business Bureau.
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.
- Existing Chase customers can get a rate reduction
- Above-average customer satisfaction scores, meaning you're likely to get stellar service and customer service pros who are ready to answer your questions and guide you through the process
- Closing timeline guarantee so you won't have to worry about whether or not you'll close on time.
- Homebuyer grants of up to $7,500, a huge cash infusion that homebuyers can put towards closing costs and down payments.
- The Chase DreaMaker℠ loan only requires 3% down payment for qualifying homebuyers, lower than the typical 5% minimum required for a conventional mortgage, making it a great option for those who haven't saved much for a down payment.
- No USDA loans or HELOCs
- No closing guarantee for refinancing
- Chase homebuyer grant only available in select areas.
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.
Progressive doesn't underwrite its own insurance policies. Through its HomeQuote Explorer platform, however, it gathers multiple quotes from over a dozen top insurers to help you quickly compare and save.
How to get a home with less-than-perfect credit
There are ways to get a home loan with a credit score below 620. Here are some options:
Consider FHA loans, VA or USDA loans
FHA Loans
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 or if you have at least 580 and only need 3.5% down. Unlike other low-down-payment options, FHA loans don't have income limits.
VA and USDA loans
Guaranteed by the U.S. Department of Agriculture and the Department of Veterans Affairs, USDA loans and VA loans are available with lower interest rates and no down payment.
However, you do have to meet income requirements. For USDA loans, you must be using the loan to buy a primary residence in an eligible area, and for VA loans, you must be a qualifying active service member or veteran.
Ask a relative for help
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. Additionally, it could complicate your relationship, so be sure to consider the emotional and financial aspects of this decision.
Not all lenders will accept co-signers and some government-backed loans have strict co-signing requirements.
How do I get approved for a mortgage?
Here's what you typically need to score these common mortgages.
Calculate your mortgage payment
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. 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 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 offering additional specialty loans 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:
- Best for a low down payment: Rocket Mortgage
- Best for low credit scores: Cardinal Financial
- Best for VA loans: Navy Federal Credit Union
- Best for non-QM loans: Guild Mortgage
- Best for lender credits and grants: Citibank
- Best for FHA loans: Chase Bank
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