What Is the Easiest Type of Mortgage to Get?

Mortgage Q&A: “What is the easiest type of mortgage to get?”

Relative to other types of loans, it can be difficult to get approved for a mortgage.

After all, mortgage lenders typically require a tri-merge credit report, steady income and employment, and assets in the bank.

They don’t just take your word for it like they might on a credit card application.

All of those items must be documented to ensure you’re a creditworthy borrower capable of financing a piece of real estate.

Easiest Types of Mortgages to Get, Ranked

1. FHA loan (lowest combination of credit score and down payment)
2. Conforming loan (lower min. down payment but need 620 FICO)
3. VA loan (zero down and no min. FICO but must be active duty/veteran)
4. USDA loan (zero down, no min. FICO but must be rural location and there are income limits)
5. Jumbo loan (usually need 10%+ down payment, 680+ FICO, and asset reserves)

FHA loans are the easiest mortgage to get because of the 3.5% down payment and 580 minimum FICO score required.

Conforming loans are a close second, despite a lower 3% minimum down payment, due to the higher 620 minimum FICO score required.

Both USDA and VA loans don’t require a down payment and technically don’t have a minimum FICO requirement, but are more specialized products. Thus not as easy.

Jumbo loans are typically the hardest to get because they are larger (loan amounts) and aren’t backed by Fannie/Freddie or the government.

The Answer Depends on What Your Issue(s) Might Be

Before we get down to the nitty gritty, I should note that there isn’t a universal answer to this question.

It depends what may make obtaining a home loan difficult to begin with.

Are your credit scores not all that good? Do you have limited income? No money in the bank? Or perhaps a combination of all these items?

The first thing you should do is self-evaluate. Take a look at your income (and employment history), your credit report (and scores), and your assets.

Would you lend yourself a mortgage? Funnily enough, even if you wouldn’t, there’s probably a lender that would!

Jokes aside, take the time to do this to see where you stand before you apply for a mortgage.

Easy street isn’t necessarily the best avenue to take when it comes to home loan financing.

Now let’s discuss particulars based on some common…

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