What is typically a requirement for obtaining a mortgage?

A minimum credit score is a typical requirement for obtaining a mortgage because lenders use this metric to assess the borrower's creditworthiness. The credit score reflects the borrower's history of managing debt, repayment behavior, and overall financial responsibility. A higher credit score indicates a lower risk for lenders, making it more likely for borrowers to receive favorable loan terms, including lower interest rates. Lenders generally have specific thresholds for credit scores that applicants must meet for mortgage approval, ensuring that the borrower has a reliable track record of financial management.

The other options do not align with the fundamental requirements for securing a mortgage. Full cash payment is not a prerequisite for obtaining a mortgage; instead, it represents a different financing method entirely. Permits for land use while important for development and property modifications, are not directly related to the mortgage application itself. An appraisal of the property value is commonly performed during the mortgage process to determine the home's worth relative to the loan amount but is not a requirement for the mortgage itself to be approved, as it is conducted after the financing application is submitted.