Even as mortgage interest rates are at the lowest in history and even though it is definitely a ?buyers market? in almost every city in the United States, it is becoming more and more difficult to get a mortgage.
The banks are running scared and the qualification standards are tight, very tight.
So if you are planning to buy a house in the future you should do some pre-planning.
At least 6 months in advance you should get your credit report and repair and improve the things that you can repair and improve.
You should also plan for your down payment. If you are a veteran, you may be able to qualify for a loan with no down payment and even no closing costs at all. If you get an FHA loan you may be able to get a mortgage for 3% of the purchase price down, in addition to about 3% for closing costs. Closing costs can be negotiated with the seller, but that is no guarantee. You may have to pay your own closing costs. If you get a conventional loan you may have to come up with a 20% down payment, however, conventional loan requirements tend to vary so consult with your mortgage professional.