Mortgage rates that have been stuck at historical lows for quite some time have gotten the attention of many a prospective homebuyer. Naturally, consumers think this is a fantastic time to buy a home when mortgage rates have been hovering around 3-4 percent for a couple of years now. But these days, mortgage lenders are denying plenty of Americans the opportunity to mortgage loan due to perceived risks.
Along with historically low mortgage rates have come much stricter standards that are used to determine whether a prospective buyer will qualify for a mortgage loan. Here are some of the things lenders are looking for: