To obtain a mortgage and buy a house in the United States, follow these steps: First, check and improve your credit score, as it directly impacts loan eligibility and interest rates. A score above 620 is typically required for conventional loans, while FHA loans may accept lower scores. Second, save for a down payment (20% is ideal to avoid private mortgage insurance) and closing costs (2-5% of the purchase price). Third, compare mortgage types: conventional, FHA, VA, or USDA loans, each with distinct requirements. Fourth, secure pre-approval from a lender to strengthen your offer during house hunting. Fifth, submit a mortgage application with documents like pay stubs, tax returns, bank statements, and W-2 forms. Finally, undergo underwriting, appraisal, and closing, which can take 30-60 days.

The importance of these steps stems from credit score-driven interest rate variations. For example, a FICO score of 740+ qualifies for the lowest rates (around 4.0-4.5% as of 2023), while scores below 620 may result in denials or higher rates exceeding 6%. The Federal Reserve notes that 30% of applicants with scores below 580 are rejected entirely. Down payments also affect costs: 20% equity reduces monthly payments by up to 35% compared to 10% down. Pre-approval increases purchasing power, with 89% of sellers prioritizing pre-approved buyers (National Association of Realtors, 2023). Additionally, VA loans offer $0 down for military veterans, saving thousands upfront. Data from the U.S. Department of Housing and Urban Development shows that 68% of first-time buyers use FHA loans due to lower down payments, while conventional loans dominate higher-income markets. Timely mortgage applications reduce delays, as 42% of applicants face processing bottlenecks without pre-approval (Federal Housing Finance Agency, 2022). Following these steps ensures financial readiness, competitive rates, and smoother home acquisition.