To secure a mortgage in the United States, follow these steps: improve your credit score (aim for 760+), document stable income (two years of consistent earnings), save for a down payment (20% is ideal, but 3-5% with private mortgage insurance (PMI) works), shop for lenders to compare rates and terms, and provide accurate financial documentation. Lenders prioritize borrowers with low debt-to-income ratios (ideally below 43%) and strong employment history.

The key factors influencing mortgage approval are creditworthiness, income stability, and down payment size. A FICO score above 760 reduces mortgage rates by up to 0.75% compared to scores below 620, according to 2023 Federal Housing Finance Agency data. A 20% down payment eliminates PMI and lowers monthly payments by approximately $100 per $100,000 borrowed, as calculated by the Consumer Financial Protection Bureau. Lenders also favor borrowers with a debt-to-income ratio below 43%, as this aligns with guidelines from Fannie Mae and Freddie Mac. In 2023, the average 30-year fixed-rate mortgage was 7.25%, per Freddie Mac, underscoring the importance of timely rate comparisons. Borrowers with a stable income history (e.g., two years of employment) are 30% more likely to secure approval than those with gaps, per Quicken Loans research. Combining these elements maximizes approval chances and secures favorable terms.