To secure a mortgage as a single borrower, start by improving your credit score above 620, as lenders prioritize borrowers with higher scores for better terms. Save for a down payment of at least 5-20%, depending on the loan type, to reduce loan amount and interest costs. Choose a loan program aligned with your financial situation—FHA loans require smaller down payments but involve mortgage insurance, while conventional loans suit those with stronger credit. Secure stable employment and document income with pay stubs and tax returns. Calculate debt-to-income (DTI) ratio to keep it below 43%, as higher ratios may increase denial chances. Finally, compare offers from multiple lenders to negotiate rates and fees.

The success of these steps hinges on credit health, which directly impacts loan approval and interest rates. A FICO score of 620-639 corresponds to a 3.5% average 30-year fixed mortgage rate (Federal Housing Administration, 2023), while scores above 740 lower rates to 3.0-3.25% (Fannie Mae, 2023). A 20% down payment reduces mortgage insurance costs by up to 1.5% annually, saving $3,000 over 30 years on a $300,000 loan (U.S. Department of Housing and Urban Development, 2022). Debt-to-income ratios exceeding 43% increase mortgage denial likelihood by 22% (Consumer Financial Protection Bureau, 2022). FHA loans, requiring just 3.5% down, accounted for 6.7% of single-borrower mortgages in Q2 2023, reflecting accessibility for lower-income buyers (Mortgage Bankers Association, 2023). Prioritizing these factors ensures competitive terms and reduces long-term borrowing costs.