Basically, you don't need money anymore to buy a house. If your credit's good enough, we can put you in a house with no money down and no closing costs. We'll finance them by lending 103 percent of the home's price. Competition and technology give easier access and more options to potential buyers. Local governments and other fund sources are offering additional help for homebuyers, and even downpayment requirements on loans that conform to Fannie Mae's relatively conservative standards have dropped to as low as 3 percent.
Lenders are now more tolerant than ever of credit card balances and other debt.
Mortgage applicants whose credit records demonstrate good repayment tend to get the deals they seek more frequently. Buyers may find that even if they can't afford private mortgage insurance, or PMI, demonstrating solid repayment records can increase their chances of finding great deals. Evan an occasional lapse in payment is acceptable, as long as it was related to an extenuating circumstance.