 TITLE: What’s the Lowest Mortgage Amount You Can Get? CONTENT: What Is the Minimum Mortgage Loan Amount You Can Borrow?\n--------------------------------------------------------\nWhen it comes to mortgage types, each lender offers different products. Researching the market will show you there's a lot of variation in interest rates, closing costs and requirements to qualify.\nBut finding a lender that offers small mortgages can present a special challenge. When it comes to loan amounts, most lenders don't disclose their minimums. Generally speaking, you may have trouble finding a mortgage below about $60,000, unless you're searching for a specific, unconventional loan type (more on that below).\nWhile mortgage minimums vary, qualification requirements are relatively consistent across lenders. As you search for and prepare to apply for the right loan, keep these common requirements in mind:\n*   **Credit score**: There's no hard-and-fast credit score that qualifies you for a mortgage, but many lenders require a minimum score of 620 (certain government-backed mortgages have lower requirements). The higher your score, the better the terms you'll qualify for.\n*   **Work history**: Lenders want assurance your income is stable enough to cover your loan payments over the long haul, so qualifying may include a requirement that you have proof of steady employment. Some mortgage lenders even require a two-year record of work for your current employer or in your current field.\n*   **Down payment**: Even if you're taking out a smaller-sized mortgage, your lender will likely require that you bring some of your own money into the transaction. Generally, you'll need to put down 20% of the purchase price to avoid paying private mortgage insurance. But many buyers can still find a lender even if they have a down payment as low as 5%. END