If you have an average credit score and want to buy a house, consider these lenders

While buying a home for the first time can be exciting, it can also be one of the most stressful things you experience, especially if you're worried that having a fair or average credit score (between 580 and 669) could mean you don't qualify for all of the best interest rates.

The good news is that most mortgage lenders typically require a credit score of at least 620 to be approved for a home loan, but some even offer special discounts to help you save as much money as possible during this notoriously expensive process.

CNBC Select rounded up lenders that may be best for those with average or fair credit scores and evaluated each lender based on the types of loans offered, customer support and the required minimum down payment amount, among other factors (see our methodology below.)

Remember that it's important to do your homework so you can choose the best mortgage lender to suit your needs, whether you're a first-time homebuyer or purchasing an investment property. While we've included a FAQ section below to help you get acquainted with some aspects of the process, if you have more specific questions, contact a representative or an advisor at your desired lender.

Also keep in mind that while you may be approved for a mortgage with a fair credit score, you'll likely receive an interest rate that's on the higher end of the lender's rate range.

Who's this for? Chase Bank provides several options for homebuyers, including for those who can afford to make a larger down payment or for those who would prefer to put less money down. The traditional advice has been to make a down payment that's about 20% of the price of the home, however, Chase offers a loan option called the DreaMaker loan that would allow homebuyers to make a down payment that's as low as 3% (by comparison, the FHA loan requires borrowers to make a 3.5% down payment).

This option is made for those who can only afford a smaller down payment, but it also comes with stricter income requirements compared to their other loans (the annual income used to qualify the customer must not exceed 80% of the Area Median Income (AMI), according to the Chase team). If you meet the income requirements for the DreaMaker loan, this option could be very attractive for those who would prefer to make a down payment that's as small as possible so they can have more money reserved for other homebuying expenses.

In addition to the DreaMaker loan, Chase also offers a conventional loan, FHA loan, VA loan and jumbo loan (USDA loans and HELOCs are not offered by this lender).

This lender also offers discounts for existing customers, but the requirements are rather high: For $500 off your mortgage processing fee, you need to have $150,000–$499,999 between Chase deposit accounts and Chase investment accounts; $500,000 or more in these accounts can get you up to $1,150 off the processing fee.

Who's this for? According to Ally Bank's mortgage website, you can get pre-approved for a mortgage in as little as three minutes — and when it comes to submitting your application for this lender, most borrowers can expect to complete their application in as little as 15 minutes. The ease of this process can be very attractive to those who don't want to spend what can easily feel like hours mulling over an application.

Ally also charges fewer fees compared to most lenders. It's common for lenders to charge an application fee, origination fee, processing fee and underwriting fee — these fees can end up costing a significant amount during the home-buying process. Ally Bank doesn't charge any of these fees (they may, however, charge an appraisal fee and recording fee, and may charge for title search and insurance).

Ally offers a HomeReady mortgage program that is geared toward low- to mid-income homebuyers (regardless of whether it's their first time or if they're a repeat buyer) that would allow them to put down as little as 3% for a down payment. Applicants must also have a debt-to-income ratio of no more than 50%, their income must be equal to or less than 80% of the area's median income and at least one borrower must take a homeowner education course.

In addition to this loan option, homebuyers can also apply for a jumbo loan (FHA loans, VA and USDA loans are not available through this lender).

Who's this for? SoFi offers homebuyers a number of discounts that can help them save as much money as possible throughout their home-buying process. For example, when you lock in 30-year rate for a conventional loan, you can receive a 0.25% discount on your interest rate. And when you purchase a home through the SoFi Real Estate Center, which is powered by HomeStory, you can receive up to $9,500 in cash back. Another appealing perk is that SoFi members can get a $500 discount on their mortgage loan.

This lender offers an online-only experience for those looking to qualify for a conventional loan, jumbo loan, or HELOC (SoFi doesn't offer FHA, VA, or USDA mortgage loans).

Homebuyers can also take advantage of a host of resources from SoFi, like a home affordability calculator, a mortgage calculator and a home improvement cost calculator, which can really come in handy if you're purchasing a home that needs some work done and you need to figure out ahead of time how much to budget for renovations.

Who's this for? It's sometimes tough to find lenders that offer USDA loans in addition to other standard mortgage options, but PNC Bank includes USDA loans in their lineup. This lender also offers conventional loans, FHA loans, VA loans, jumbo loans and a PNC Bank Community Loan, which is a special program that allows homebuyers to put down as little as 3% (without paying private mortgage insurance) while still choosing between fixed-rate and adjustable-rate mortgage terms.

This lender also offers a special loan option catered to medical professionals who are looking to buy a primary residence only. With this loan, medical professionals can apply for as much as $1 million and won't have to pay private mortgage insurance (PMI), regardless of their down payment amount. They can also choose between fixed-rate and adjustable-rate terms.

PNC Bank offers online and in-person mortgage application processes, which can be a plus for homebuyers who don't live near a PNC Bank location but still want to apply for a loan. You can get online pre-approval in as little as 30 minutes as long as you have all the documentation on hand.

A mortgage is a type of loan that you can use to purchase a home. It's also an agreement between you and the lender that essentially says that you can purchase a home without paying for it in-full upfront — you'll just put some of the money down upfront (usually between 3% and 20% of the home price) and pay smaller, fixed equal monthly payments for a certain number of years plus interest.

For example, you probably can't pay $400,000 for a home upfront, however, maybe you can afford to pay $30,000 upfront; a mortgage would allow you to make that $30,000 payment while a lender gives you a loan for $370,000 (the remaining amount) and you agree to repay that amount plus interest to the lender over 15 or 30 years.

Keep in mind that if you choose to put down less than 20%, you'll be subject to private mortgage insurance (PMI) payments in addition to your monthly mortgage payments. However, you can usually have the PMI waived after you've made enough payments to build 20% equity in your home.

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every mortgage review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of mortgage products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics. See our methodology for more information on how we choose the best average credit mortgages.

To determine which mortgage lenders are the best, CNBC Select analyzed dozens of U.S. mortgages offered by both online and brick-and-mortar banks, including large credit unions, that come with fixed-rate APRs and flexible loan amounts and terms to suit an array of financing needs.

When narrowing down and ranking the best mortgages, we focused on the following features:

• Fixed-rate APR: Variable rates can go up and down over the lifetime of your loan. With a fixed rate APR, you lock in an interest rate for the duration of the loan's term, which means your monthly payment won't vary, making your budget easier to plan.
• Types of loans offered: The most common kinds of mortgage loans include conventional loans, FHA loans and VA loans. In addition to these loans, lenders may also offer USDA loans and jumbo loans. Having more options available means the lender is able to cater to a wider range of applicant needs. We have also considered loans that would suit the needs of borrowers who plan to purchase their second home or a rental property. 
• Closing timeline: The lenders on our list are able to offer closing timelines that vary from as promptly as two weeks after the home purchase agreement has been signed to as many as 45 days after the agreement has been signed. Specific closing timelines have been noted for each lender.
• Fees: Common fees associated with mortgage applications include origination fees, application fees, underwriting fees, processing fees and administrative fees. We evaluate these fees in addition to other features when determining the overall offer from each lender. Though some lenders on this list do not charge these fees, we have noted any instances where a lender does charge such fees. 
• Flexible minimum and maximum loan amounts/terms: Each mortgage lender provides a variety of financing options that you can customize based on your monthly budget and how long you need to pay back your loan.
• No early payoff penalties: The mortgage lenders on our list do not charge borrowers for paying off the loan early. 
• Streamlined application process: We considered whether lenders offered a convenient, fast online application process and/or an in-person procedure at local branches. 
• Customer support: Every mortgage lender on our list provides customer service available via telephone, email or secure online messaging. We also opted for lenders with an online resource hub or advice center to help you educate yourself about the personal loan process and your finances.
• Minimum down payment: Although minimum down payment amounts depend on the type of loan a borrower applies for, we noted lenders that offer additional specialty loans that come with a lower minimum down payment amount. 

After reviewing the above features, we sorted our recommendations by best for overall financing needs, quick closing timeline, lower interest rates and flexible terms.

Note that the rates and fee structures advertised for mortgages are subject to fluctuate in accordance with the Fed rate. However, once you accept your mortgage agreement, a fixed-rate APR will guarantee interest rate and monthly payment will remain consistent throughout the entire term of the loan, unless you choose to refinance your mortgage at a later date for a potentially lower APR. Your APR, monthly payment and loan amount depend on your credit history, creditworthiness, debt-to-income ratio and the desired loan term. To take out a mortgage, lenders will conduct a hard credit inquiry and request a full application, which could require proof of income, identity verification, proof of address and more.

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