To obtain a property mortgage in the United States, first assess your credit score, as lenders typically require a minimum of 620–680 for conventional loans. Secure pre-approval from multiple lenders to determine borrowing capacity and compare loan terms. Save for a down payment, which ranges from 3% to 20% of the property value depending on the loan type (e.g., FHA loans require 3.5%, while conventional loans often need 20%). Secure stable employment and document income with pay stubs, tax returns, and W-2 forms. Choose a mortgage type aligned with your financial situation—fixed-rate, adjustable-rate, VA, or USDA loans. Finally, close the loan by paying closing costs (averaging $5,000–$8,000) and meet all legal requirements.

The process hinges on creditworthiness, as a higher FICO score (above 740) secures lower interest rates. For example, a 740+ score can qualify for a 30-year fixed loan at 6.5% APR, while a 620–639 score may face 8.5% APR, per data from the Consumer Financial Protection Bureau (2023). Down payment size directly impacts loan type: 76% of first-time buyers use FHA loans with 3.5% down, while 68% of repeat buyers opt for conventional loans with 20% down, according to the National Association of Realtors (2022). Pre-approval increases offer acceptance chances by 50%, as 64% of sellers prefer pre-approved buyers, per Redfin (2023). Closing costs vary by state and loan type, with FHA loans averaging $8,000 and conventional loans $7,000, including origination fees, appraisal, and title insurance. VA loans, though requiring no down payment, demand a $2,400 funding fee, which benefits 20% of veterans, per (2023). Lenders also require proof of assets, with 90% of applicants providing 3–6 months of reserves post-closing. Compliance with underwriting guidelines ensures approval, as 30% of loan rejections stem from incomplete documentation, per Mortgage Bankers Association (2023).