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Qualifying for a loan may seem almost impossible, but it still possible thanks to the many programs out there. Even the ones that have been around for many years have been updated to take into account recent developments in the economy.

Smaller savings

These days it seems to be ever harder to save any money. However, if you have been reasonably good about paying your bills, your credit score should be quite good. Thus with a some savings from you, it is possible to make use of assistance programs to have enough of a down payment as well as the money to cover the fees involved.

Almost but…

If you are just short of the qualifying criteria, it may still be possible to qualify for a different level of lending. Here the criteria takes into account special circumstances to qualify you for a loan that is almost as good as the loans with the best terms. In a few years, you will have improved your credit score and you can refinance into a better loan. Why act now? By using this loan now, you can get the home at today’s price rather than the much higher price of a few years’ time.

Not enough income

Perhaps you feel that there is no way you can qualify as you are self-employed with far too many deductions to show significant income. Or maybe your income is irregular with a single month or two accounting for 80%+ of your income. Once again, there are loans specifically for people in these circumstances. As long as you are taking care of all your bills in a timely manner, you can qualify with some additional documentation.

Past problem(s)

If you had a rough time in the past and have been able to get back on your feet financially, qualifying for a loan is still possible. You may think that you have to wait 7 years for the issue(s) to fall off your credit report but this is not really necessary. There are multiple ways to address this situation. Much will depend on what happened then and what you have done since then.

A decent lender can help you see your options and even work with you to get you ready for the loan you want. It starts with a candid discussion of what happened back then, what you’ve been doing since then and what you want to do now.

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