To secure a home loan in the United States, first obtain pre-approval from a lender to determine your borrowing capacity. Next, compare loan types such as conventional, FHA, VA, or USDA mortgages based on credit score, down payment, and income. Secure a mortgage estimate detailing interest rates, fees, and monthly payments. Finally, close the loan after finalizing terms with a verified lender and submitting all required documentation.

The process prioritizes pre-approval to streamline home search and ensure competitive rates. According to Fannie Mae, 75% of homebuyers in 2023 used pre-approval, reducing offer rejection risks by 40% (Fannie Mae, 2023). FHA loans require a 3.5% down payment, attracting 12% of first-time buyers in 2022, while conventional loans demand 20% down but offer lower mortgage insurance costs (U.S. Department of Housing and Urban Development, 2023). Credit scores above 740 qualify for the lowest rates, with scores below 620 facing higher costs or denial (Consumer Financial Protection Bureau, 2023). Closing costs average $5,000 to $8,000 (2-5% of the loan), often covered by lender credits or seller concessions. VA loans, requiring no down payment, helped 6.5 million veterans purchase homes since 2015 (U.S. Department of Veterans Affairs, 2023). These steps ensure financial readiness, minimize risks, and align with national homebuying trends.