It may have been a long time coming but eventually the market saw mortgage applications become race and gender neutral. That meant it didn’t matter who you were, when it came to a mortgage you would qualify on the weight of your own merit relating to income and credit score.

In fact, such an achievement was I that according to Fox Business recent changes to non mortgage lending seem to have become a threat to undoing what so many have worked so hard to achieve.

If race and gender aren’t part of the formula for mortgage applications what is?
1.    Enough money for your down payment
2.    Two years of steady gainful employment
3.    A good credit score
4.    Income that is two to three times higher than your mortgage payment.

If you don’t have all of these, you should still meet with the lender. Never assume you can’t get the mortgage. You might also consider what’s called a no doc mortgage which is a mortgage where you don’t provide any details about your employment.

A mortgage broker is an excellent tool that can help you find the absolute best rates and the best lender for your situation. More and more people are recognizing just how valuable using a broker can be to your pocketbook.

You can also consider some creative financing if your having trouble qualifying. You might do a rent to own to help you reach the necessary down payment. You might also consider looking for an owner financed home. Although a little more difficult, this type of financing is out there and you just have to look.

What’s important is not giving up. If you’ve decided that you want to own a home, then make it happen, whether that’s today or a year from now. And remember your gender and/or race doesn’t matter!