How to qualify
How to qualify for a mortgage
Qualifying is not one score or one paycheck. Lenders weigh four things together, and they only count what they can document. Here is each one, and what usually gets in the way.
- No credit check
- No documents
- Free
- FHA580 score3.5% down, or 500 at 10%
- Conventional620 scoreFrom 3% down
- VANo VA minimum0% down, lenders want 580–620
- USDA640 score0% down, income caps apply
The four factors
Weighed together, not separately
Qualifying is not one score or one paycheck. Lenders weigh credit, income, debts and down payment together, and they only count what they can document.
That last part catches people out. Money you earn but cannot prove does not count.
The four things lenders weigh
Assessed together, not one at a time
- Credit
- Income
- Debt-to-income
- Savings
A weakness in one can be offset by strength in another. Only what you can prove counts.
The requirements
The four qualification factors
Credit
Program minimums vary, and individual lenders often set higher floors of their own. Recent missed payments weigh more than old issues you have cleaned up.
- FHA
- 580 with 3.5% down, or 500 with 10%
- Conventional
- Usually from 620
Income
Steady, documentable income. Bonus, overtime and commission usually need a two-year track record.
- Self-employed
- Based on tax returns after deductions
Debt-to-income
Monthly debt payments divided by gross monthly income. Minimum payments count, not balances.
- Benchmark
- 43%, stretching to 45–50% with strong reserves
Down payment and reserves
Where the money came from, and whether enough remains after closing costs.
- Lowest options
- 0% on VA and USDA, 3% on some conventional
Program floors are not promises. Compare all five loan programs →
The blockers
What usually stops people
Most of these are timing problems, not permanent ones.
Get a real answer, not a guess
Self-checks help you spot weak spots. A verified pre-approval tells you what you can actually work with.
Check what I qualify forThe numbers
Minimums by loan program
These are the lowest a program allows. Your lender may want more. That is called an overlay.
| Program | Minimum score | Down payment | Mortgage insurance | Who it suits |
|---|---|---|---|---|
| Conventional | Around 620 | From 3% | PMI below 20% down, cancellable at about 20% equity | Solid credit, wants insurance to end |
| FHA | 580, or 500 at 10% down | 3.5% | MIP, often for the life of the loan | Rebuilding credit |
| VA | No VA minimum | 0% | None monthly, one-time funding fee | Veterans and service members |
| USDA | Commonly 640 | 0% | Upfront and annual guarantee fee | Eligible areas, income caps apply |
| Jumbo | Typically 700+ | 10–20% | Varies by lender | Above the conforming limit |
Scroll sideways to see all columns.
Full comparison including fixed versus adjustable rates and 15 versus 30 year terms: loan programs explained →
Questions
Common questions
What do I need to qualify for a mortgage?
Lenders weigh four things together: credit, documentable income, your debt-to-income ratio, and a down payment with reserves left over. No single one decides it.
What credit score do I need?
It depends on the program. FHA allows scores from 580 with 3.5 percent down, or 500 with 10 percent down. Conventional usually starts around 620. VA sets no minimum, though most lenders look for 580 to 620.
How is debt-to-income calculated?
Add up your minimum monthly debt payments, then divide by your gross monthly income. Lenders count the minimum payment on each debt, not the balance. 43 percent is the common benchmark.
Can I qualify if I am self-employed?
Yes. Lenders use your net income after deductions rather than gross revenue, and usually want two years of history. Verified bank data can show income that tax returns understate.
What stops most people from qualifying?
Usually one nameable thing: a debt-to-income ratio above program limits, income that cannot be documented, a recent bankruptcy or foreclosure still inside its waiting period, or unresolved collections and tax liens.
Do lenders have their own extra rules?
Yes. These are called overlays. A program may allow 580 while the lender in front of you wants 640. It is worth asking more than one.
Keep reading
Related guides
Mortgage readiness
Where you stand today, and what to fix before you apply.
Will I get approved?
Your odds, and what happens between pre-approval and closing.
Loan programs
Conventional, FHA, VA, USDA and jumbo requirements compared.
Independent sources
- Consumer Financial Protection Bureau — what lenders assess on a mortgage application
See what you qualify for
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