Core requirements: a down payment (as low as 3–5%, or 0% for VA/USDA), credit usually 620+, verifiable income, a workable debt-to-income ratio, and closing-cost funds.
Down payment and credit
Down payments range from 0% (VA/USDA) to 3–5% (conventional/FHA) up to 20%+ to avoid mortgage insurance. Credit around 620+ opens most doors, and stronger credit sharpens your rate.
Income, DTI & funds
Lenders verify income, check your DTI, and confirm funds for down payment and closing costs. Self-employed? Bank-statement programs qualify you on real cash flow. We’ll map the lowest-barrier path for your situation.
| Requirement | Typical |
|---|---|
| Down payment | 0–5%+ (program-dependent) |
| Credit | ~620+ |
| Income | Verifiable; DTI reviewed |
| Closing costs | ~2–5% of price |
Frequently asked questions
How much down payment do I really need?
As little as 0% (VA/USDA), 3% (conventional), or 3.5% (FHA). More down lowers or removes mortgage insurance.
What credit score do I need to buy?
Often 620+, though FHA can go lower. Better credit means a better rate. We’ll tell you where you stand.
Can I buy while self-employed?
Yes — conventional with tax returns, or bank-statement programs that qualify on deposits.
Save Financial is a California-licensed mortgage brokerage (NMLS #377740, DRE #01875766). Figures are illustrative for 2026 and not an offer of credit.