Different mortgages have various eligibility criteria. In general, you’ll have a better chance of being approved if you meet the following requirements:

A decent credit score. You’ll need at least a good credit score to be approved for a conventional loan. You’ll need an excellent credit score to get the lowest interest rate.

An income. Lenders require you to show stable employment or a regular income source.

A down payment. An upfront payment of 20% of the home’s total cost is widely recommended, but most lenders will require you to have a minimum down payment of 3%. Some lenders allow you to put down even less or nothing.