What most people don't realize is that you actually have three credit scores. One score with each of the three main credit bureaus ... Equifax, Experian, and Trans Union.

Your scores with these bureaus can range from as low as 300 to as high as 850.

When lenders review your credit scores, they'll throw out your high score and your low score, and grant their initial "approval" based on your middle score.

Typical scores for the average person run in the mid to high 600's. With scores in this range, it's fairly simple to qualify for a mortgage. But scores are not a lenders only concern. Other important factors include:

1. Stability of employment: Most lenders will verify that you've been on the same job, or at least in the same field of work, for a minimum of 2 years.

2. Stability of income: Most lenders want to verify that you've had a stable income for a minimum period of 2 years.

3. Assets: Most lenders ask that you have liquid assets in an account such as a 401k or a checking or savings account, to cover at least 2 monthly payment amounts for the mortgage you're applying for.

4. History of "On Time" payments: Most lenders will verify that you've made rent or mortgage payments "On Time" each month for the last 2 years.

You'll notice I say "MOST LENDERS" ... and that's because "NOT ALL" lenders require you to meet these standards. A number of lenders, with less stringent requirements, will simply charge a higher interest rate to compensate for lesser standards.

Truth be told, it's actually easier now to qualify for a loan than ever before. Even with a past bankruptcy, you may still qualify for a loan if you can meet some basic guidelines.

Today there are literally 100's if not 1,000's of loan programs available from a myriad of different lenders across the country. It still comes down to one main issue of course ... your credit scores.

The higher your scores, the more options you'll have available to you.

If your scores are low however, but you have compensating factors such as 1 and 2 above, it's likely that you can still qualify for a loan. You might even be able qualify for a loan of as much as 100% of the purchase price.

I've spoken to many people who had no idea that, even with past credit problems, it's still possible to qualify for a mortgage if you find the right lender. If you're serious about wanting to buy a home, the best advice I can offer is ... talk to a mortgage broker.

You may be closer to becoming a homeowner than you think!

About the Author

Michael Hart is a former real estate agent, a private investor, an author of several articles and reports on the subject of real estate, such as "Top 10 Tips To Sell Your Home By Owner". He's also a Mortgage Consultant based out of Peachtree City, GA. and can be contacted through www.InternetLoanCenter.com or by phone at 678-318-3542.

Fri, 10 Sep 2010 15:59:56 GMT

Premium Outlets, a division of Simon Property Group, is planning to build a massive outlet center on a 170-acre parcel near Industrial and Commerce drives with more than 100 high-end stores.

Real estate agents flock to island for convention

Fri, 10 Sep 2010 11:50:22 GMT

Thousands of real estate agents and vendors will begin arriving on the island today for a convention that gives the city a chance to show how much it has recovered since Hurricane Ike struck two years ago.

Closure for re:Verse on the Plaza; owner hopes to relocate

Fri, 10 Sep 2010 07:35:36 GMT

After more than nine years of operations, re:Verse New American Bistro & Bar is closing on the Country Club Plaza.

Rough patch ahead for housing market

Fri, 10 Sep 2010 03:25:08 GMT

Canada's weakening real estate market is headed for a rough patch in the months ahead, analysts said after data released Thursday showed housing starts slowing for the fourth consecutive month in August.

Suspended Real Estate Agent Vows To Fight License Suspension

Fri, 10 Sep 2010 01:25:18 GMT

Michael Hellickson, who works out of a Sumner office, didn't want to talk to KIRO 7 Eyewitness News Consumer Investigator Amy Clancy on camera.

Transat shares soar as earnings beat Street

Thu, 09 Sep 2010 23:15:29 GMT

Jean-Marc Eustache, president and chief executive officer of Transat A.T. Inc., pauses during their annual general meeting in Montreal, March 11, 2010.

Compton council fires city manager -- again

Thu, 09 Sep 2010 19:00:57 GMT

The city of Compton has fired its city manager for the second time in three years.

Transat Q3 profits down to $20.9M without fuel gain, as revenues move...

Thu, 09 Sep 2010 14:48:19 GMT

Travel company Transat A.T. Inc. says its third-quarter profits tumbled to $20.9 million over the same time last year when it benefited form a non-cash gain related to fuel hedging.

Realtors doubt 'mass exodus' to Illinois

Thu, 09 Sep 2010 10:44:00 GMT

Navistar International Corp. is relocating, but that's not a signal a slew of 'For Sale' signs will sprout across Fort Wayne, housing officials say.

Real estate agent: Will work for food

Thu, 09 Sep 2010 09:38:52 GMT

By Teresa Boardman , Thursday, September 9, 2010. Inman News Flickr photo courtesy of twicepix .

Local home sales fall, but prices rise

Thu, 09 Sep 2010 07:34:10 GMT

Home sales fell, but median sale prices rose last month in Orange, Ulster and Sullivan counties, according to reports by county boards of Realtors.

The Pier Shops at Caesars handing keys to lenders

Thu, 09 Sep 2010 03:17:36 GMT

The owner of the upscale shopping mall that juts out over the ocean in Atlantic City is preparing to hand over the keys to lenders.

Online real estate sites compared

Thu, 09 Sep 2010 03:17:35 GMT

That's because in the United States, the data needed to fill the websites with useful data flows freer.

Former cop busted on fraud charges

Wed, 08 Sep 2010 23:03:09 GMT

Former cop busted on fraud charges

Bullman retires after 18 years as CEO of Realtor

Wed, 08 Sep 2010 20:58:07 GMT

Martha Bullman has retired after 18 years as CEO of the Realtor Association of Miami-Dade County.