Lenders like New American Funding, Rocket Mortgage and CrossCountry Mortgage top our list of the best options for those with lower incomes.
Buying a home is the most significant financial decision most people will make in their lifetimes. However, qualifying for a home loan can seem challenging if you don’t have a high income. Fortunately, the best low-income home loan mortgage lenders have options even if you aren’t bringing in a ton of money every month. These are our top picks for those with a limited income.
- Best for Flexible Credit Requirements: New American Funding
- Best for Low Down Payment: Rocket Mortgage
- Best for Home-Buyers in Rural or Suburban Areas: CrossCountry Mortgage
- Best for Variety of Loan Types: loanDepot
- Best for Self-Employed: Angel Oak Mortgage Solutions
Best for Flexible Credit Requirements: New American Funding
- Best For:A Variety of OptionsVIEW PROS & CONS:securely through New American Funding Purchase's website
Pros
- Minimum credit score of 500
- Receive up to $7,500 in down payment assistance
- Gives buyers the option for all-cash offers
- You can combine down payment assistance with other offers
- Loans can cover closing costs
Cons
- Fees can be high
- The online quote tool asks for personal information
New American Funding (NAF) is a mortgage lender founded in 2003. It opened its first branch in 2012 and has quickly grown to hundreds of branches nationwide. The company is licensed in all 50 states and services loans worth over $71 million. NAF is a direct lender that works with Fannie Mae, Freddie Mac and Ginnie Mae.
NAF offers several loan types, including conventional, FHA, USDA and VA. FHA loans have a flexible credit score requirement. The minimum credit score is 580 or as low as 500 with a larger down payment. The down payment range is 3.5% to 10%, making it accessible for various buyers. In addition, FHA loans allow a higher debt-to-income ratio of up to 57%.
Minimum credit score: 500
Minimum down payment: 0%
Loan types offered: Conventional, FHA, VA, USDA, jumbo, I CAN and other loan options
States served: All 50 states plus D.C. and Puerto Rico
Best for Low Down Payment: Rocket Mortgage
- Best For:Online MortgagesVIEW PROS & CONS:securely through Rocket Mortgage (formerly Quicken Loans)'s website
Pros
- Put as little as 1% down
- Extended contact hours
- Government and conventional loans available
- Works with investors and second homes
- Offers closing credits
Cons
- No in-person service
- Doesn’t offer home equity loans or HELOCs
Rocket Mortgage is an online mortgage lender that simplifies the process for prospective homebuyers, whether purchasing or refinancing. Rocket Mortgage’s seamless application process is easy to follow for first-time homebuyers. It offers various loan types, but ONE+ by Rocket Mortgage® lets you buy a home with as little as 1% down. In addition, homebuyers can earn a credit for 1.25% of closing costs with a limit of $10,000.
Rocket has award-winning, easy-to-access customer service. You can talk to loan experts by phone or chat whenever you have questions. For new loans, phone lines are open from 7 a.m. until midnight Eastern during the week and into the evening on weekends. Contact hours are similar for live chat.
Minimum credit score: 580
Minimum down payment: 0%
Loan types offered: Conventional, FHA, VA, jumbo, refinance
States served: All 50 states and D.C.
Best for Home-Buyers in Rural or Suburban Areas: CrossCountry Mortgage
- Best For:Self-employed BorrowersVIEW PROS & CONS:securely through CrossCountry Mortgage's website
Pros
- Finance up to 100% of your loan with USDA
- Buy or refinance in as little as 21 days
- 120 options for buying, refinancing and home equity
- Large number of branches
Cons
- Rates not available online
- No online pre-approval
- Rates aren’t the lowest
CrossCountry Mortgage was founded in 2003 by Ronald Leonhardt, Jr., who still serves as its CEO. The company’s headquarters are in Cleveland, Ohio. Since its founding, the company has grown to thousands of employees and hundreds of branches. CrossCountry doesn’t require tax returns and you only need year-to-date proof of income with a minimum credit score of 580.
CrossCountry Mortgage stands out because of its loan options, with 120 choices between purchase, refinance and home equity. Purchase options include conventional, FHA, VA and jumbo loans. CrossCountry offers USDA loans with up to 100% financing for those in rural and suburban areas. The lender notes that many small towns and suburban areas fall within the USDA eligibility areas.
Minimum credit score: 500
Minimum down payment: Not disclosed
Loan types offered: Conventional, FHA, VA, USDA, jumbo
States served: All 50 states plus D.C. and Puerto Rico
Best for Variety of Loan Types: loanDepot
Pros
- Four term lengths for FHA
- Abides by a “no steering” policy
- Strong customer support
- Transparent fee structure
- Acts as a direct mortgage lender
Cons
- Rates not available on website
- Prepayment penalties in some states
- Rates and fees can be high
loanDepot is a non-bank direct mortgage lender. As such, it can originate and fund loans without a middleman. Because it eliminates this extra step, loanDepot offers lower rates and faster approvals, making it one of the best mortgage refinance lenders.
loanDepot offers several refinancing options, including fixed and adjustable-rate mortgages and FHA and VA loans. When applying for an FHA loan, you can opt for terms of 10, 15, 20 or 30-year fixed rates. Its strict “no steering” policy won’t pressure you to choose a loan that isn’t the right fit. However, you must apply for the available rates, which aren’t published online.
Best for Self-Employed: Angel Oak Lending
- Best For:Flexible Mortgage OptionsVIEW PROS & CONS:securely through Angel Oak Mortgage Solutions's website
Pros
- Self-employed income verification options, such as bank statements
- Various non-QM loan products
- Loans are available for foreign nationals and ITIN holders
- Dedicated loan officers
Cons
- Limited availability in some states
- Interest rates can be high
Angel Oak Mortgage Solutions is a full-service mortgage lender offering traditional and portfolio non-QM loans. It is licensed in most states and offers competitive mortgage rates and quick closing times. The lender is not licensed to operate in New York, among a handful of other states.
Angel Oak offers self-employed individuals bank statement loans, HELOCs and P&L loans. Borrowers can also qualify by showing proof of sufficient assets. Angel Oak provides opportunities for those with 1099 income and offers government loan products like FHA, USDA and VA loans. Those who have struggled to qualify with other lenders may prefer Angel Oak, whether they have low or high income.
Minimum credit score: 640
Minimum down payment: 5%
Loan types offered: Various non-QM loan programs
States served: All states except Alaska, New York, Vermont and Massachusetts
What is Considered Low-Income When Getting a Mortgage?
There isn’t a specific income amount that is typically considered low-income when getting a mortgage. One reason is that incomes can drastically differ depending on the city and state. For instance, incomes can be much higher in large coastal cities than in small Midwest towns.
Because they often vary so much by location, there isn’t a single figure indicating low income, says Adam Hamilton, cofounder of REI Hub. “But, there are also specific mortgage lenders and programs that cater to individuals who do have lower incomes, offering options like lower down payments and even lowering the minimum qualification requirements,” Hamilton says.
One figure to consider is the federal poverty level (FPL). The FPL is a guideline the federal government uses to determine eligibility for Medicaid and CHIP. Although lenders don’t specifically use the FPL, it can give a rough idea of what may be considered low-income. In 2025, the FPL for a single-person household is $15,650 or $32,150 for a family of four.
Why You Should Trust Us
As a personal finance writer with over six years of experience, I understand how tough it can be to find the best mortgage lenders. When your income is low, you may have even fewer options. However, I have gone to great lengths researching products and services, including the lenders in this article. As a writer, I’ve interviewed countless industry experts who provided their best insights.
Adam Hamilton, whom I interviewed for this article, is a cofounder of REI Hub, a rental property accounting software company. Hamilton writes about various real estate topics on his company’s blog, including rental property investment guides, rental property finances and mortgage payment accounting.
Benzinga was founded in 2010 and is a trusted source for news on investing, insurance, mortgages and other topics. Our audience of over 25 million readers trusts Benzinga to provide consistently informative, high-quality content.
Methodology
Using Benzinga's multi-point methodology, I compared mortgage products from 23 lenders to identify the best choices for borrowers with a low income. Rates and fees, variety of options and customer service were among the most important factors. Lenders approving borrowers with lower credit scores received a boost, which correlates with lower incomes.
I also considered scores and reviews on independent platforms, including TrustPilot, BBB and Zillow. Lenders can often have significantly different scores on different platforms. None have perfect scores on any of these sites, but the lenders that fared well often have high scores on one or more.
Applying for a mortgage can be challenging, so I looked for lenders with a simple application process. Those that allow borrowers to apply online without a barrage of questions received higher marks.
See Benzinga's full methodology for a complete overview of how we determine the best mortgage lenders.
Frequently Asked Questions
What is the lowest income to qualify for a mortgage?
No single number acts as the lowest income to qualify for a mortgage. Lenders consider several factors when you apply for a mortgage, such as your income, debt-to-income ratio, employment history and credit score. Generally, lenders want to ensure you won’t have difficulty making your monthly payments.
Even if your income is low, that may not be a problem if your other debt is minimal, you have a high credit score and the home’s purchase price is low.
While income is a factor in lending decisions, what’s more important is the complete picture of you as a potential homeowner.
What is the best home loan for low-income people?
The best home loan for low-income people depends on what you are looking for in a lender. This article highlights some of the best options, including those with a low down payment, flexible credit options or those with various loan options.
If you’re unsure where to start, use a mortgage loan marketplace such as eMortgage or Credible. These platforms allow you to quickly see several lenders while comparing rates and terms. From there, you can research lender options further, requesting quotes for a more personalized offer.
What mortgage does not require a down payment?
While most mortgage loans require at least 3% down, USDA loans and VA loans may not require a down payment. However, requirements vary and you may still need to cover closing costs. Check with various lenders to determine whether you qualify for a USDA or VA loan with no down payment.
