Michael Corbett's House-Hunting Tip: Is It Harder to Get a Mortgage Today?

This week's tip:

Is it harder to get a mortgage today? Yes -- and no. Many potential home buyers believe that mortgage money is nearly impossible to secure today, a myth repeated often in the press. That doesn't mean that it's impossible to qualify for a mortgage these days, but it is much more difficult.

Mortgage money is available to those with proven income, solid credit history, and established employment -- and it really is possible to lock in a mortgage that is safe, secure, and affordable. Yes, it's going to be more challenging and time consuming, but if you know what to expect, you'll be prepared for the securitization! Here's a list:

--Higher qualifying standards -- more documentation, proof of income, proof of job security, et cetera.

--You'll need more money down.
--The terms are not going to be as sweet.

--There are requirements of higher down payments, 20 for a single family home -- as much as 30 percent for multi-unit properties.

--It will take longer -- don't bank on less than forty-five-day closings.

--It will cost you more -- you will probably have to pay a fee or "points."

--It's harder to get jumbo loans on big expensive properties.

--Self-employed borrowers will face a lot more hurdles.

For more tips and guidelines, check out Corbett's book "Before You Buy!" on Amazon.com.