To secure a loan after paying a down payment on a house, follow these steps: reaffirm pre-approval with your lender, verify updated credit scores, select a suitable loan type (e.g., conventional, FHA, VA), shop for competitive rates, and ensure thorough documentation. Lenders require proof of stable income, assets, and employment post-down payment. Maintain a credit score above 620 to qualify for most loans, and aim for a debt-to-income ratio below 43%. Engage a real estate attorney to review closing documents, and confirm mortgage insurance requirements if the down payment is less than 20%.

Post-down payment, lenders reassess risk and terms. A 20% down payment eliminates private mortgage insurance (PMI), reducing monthly costs by up to 0.5% (Consumer Financial Protection Bureau, 2022). Conventional loans require a minimum 5% down payment but demand higher credit scores (700+), while FHA loans accept 3.5% down with a 580+ score (Federal Housing Administration, 2023). VA loans require no down payment but limit income and property types. Data from the National Association of Realtors (2023) shows 65% of homebuyers secure loans with less than 20% down, relying on PMI or government-backed programs. The Federal Reserve (2023) notes that buyers with credit scores above 740 secure loans at 0.25% lower rates than those below 620. Timely documentation and rate comparisons are critical, as 30% of applicants fail due to incomplete paperwork or uncompetitive offers (U.S. Bank, 2023). Ensuring compliance with lender requirements and market trends maximizes approval chances.