Only those with stellar credit, reliable income and solid down payments.
For everyone else, mortgages are hard to get.
Yes, mortgage rates are near all-time lows and home prices are the lowest they’ve been in five years.
US News reports: Despite historically low home prices and rock-bottom mortgage rates, tight lending standards continue to keep would-be buyers on the sidelines. Higher credit-score requirements and more extensive income documentation requirements have also played a role in discouraging consumers from becoming homeowners.
“The mortgage climate has become a bit more challenging,” says Erin Lantz, director of Zillow Mortgage Marketplace. “The lending community is fairly conservative right now.”
But while mortgage financing is certainly no easier to come by these days, it’s no harder, either. “Borrowers have a little bit of a misconception that you can’t get mortgage financing,” says Keith Gumbinger, vice president of mortgage information web site HSH.com. “The mentality of ‘It’s going to be too hard for me to get financing, so I’m not going to bother even looking,’ is persistent.”