The definition of "easy" is a little loose here but the reality is the media is discouraging people from applying with stories like CNN's "No Mortgage for You." There are still programs with minimal down payments, that allow you to refinance with little or no equity (you can even be upside down), and even if your credit is not perfect. While the guidelines have grown more stringent, the bottom line is that you have to have paid your bills in the past, not been foreclosed, and have income that can be documented. Some may agree that if you can't meet those criteria then a mortgage approval is and should be unlikely. This is not most of society! In fact, this is the minority....

As I posted previously in "Let's Go Buy A House" now is a very good time to buy a home due to the affordability aspect. Rates are low, inventory is high which keeping prices low and sellers are anxious to sell so room for negotiation is ample as well. These factors can lead you to do a lot of things that will add to your ability to get approved and get a more affordable loan product.

100% financing is still out there: Do you live in a Rural Area, or are you looking to move to one? USDA programs allow for 100% financing. In the Chicago area (and many other metro areas) you would be surprised the number of homes that qualify for USDA financing.

Are you a Veteran: 100% financing is available to you! The score requirements are lower, and the veteran benefit does not require you to pay monthly mortgage insurance. The only real barrier to this product is that you need to meet certain net cash flow requirements

Low down payments are still out there: FHA is still offering a 3.5% down program where you can move into an affordable home with a low down payment and the monthly payment can be made more affordable with an ARM, or a seller concession

Conventional 5% down with no monthly MI is available: There are a few that will do any number of hybrid forms of Lender Paid Mortgage Insurance and some other creative ways to get around MI. Factor in this program with a 5 or 7 year ARM and affordability gets even better

Lower credit scores still qualify: This barrier is starting to get more loose every day. You can't have a bunch of charge offs, have to have paid bills on time and if you have a foreclosure or short sale in your background it will be problematic with 2-4 year periods needed to reestablish credit but again, this is a minority of our population. Most people have at least a 640 credit score or better and will qualify for a mortgage

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Refinances are easier if you have a FNMA or FHLMC loan and you can find out on line. If you had a low loan to value before, the Home Affordable Refinance Program allows you to refinance into a lower rate if you have lost value in your home you will not have to take on mortgage insurance and depending on the lender, you can exceed the value of your home by 125%. It must be for a loan that closed before February 28, 2009. FHA also has a "streamline" refinance program that allows you to refinance your FHA loan into a new loan with a lower rate without an appraisal.

This is just a brief breakdown of some of the proof that you CAN still get a loan and it is easier to qualify than it was 15 years ago. The only thing more difficult is that many of the "loose" underwriting standards are no longer available but in retrospect, that's how we got to this point in the first place.
Please review my site www.ILmortgageprofessional.com or call me directly with any specific questions at 800 365 3539.