Although the housing market suffered a crushing blow back in the 2008 recession – which led to the tightening of credit, and in turn, the qualification for mortgages by many unqualified buyers – today most purchasers will find that getting a home loan is much easier….at least to an extent.

In fact, many mortgage lenders have created new mortgage programs for first-time buyers and the self-employed, and Fannie Mae and Freddie Mac have worked towards streamlining the application process and relaxed certain credit score requirements.

But, while getting that loan on your next home may not be quite as taxing as going through Fort Knox, the days of the pre-2008 lax lending “rules” may actually be gone for good. For instance, any mortgage borrower now will have to prove their ability to repay the loan. They will also be required to provide proof of their debt-to-income ratio.

Yet, while qualifying for a home loan may not be easy-peasy anymore, the good news is that lenders will be better able to ensure that borrowers are actually qualified for the property they’re purchasing – and because of that, the hope is that we will never see the rate of home foreclosures in droves like we witnessed during the last recession.

Working with both a lender and a real estate professional who understand your needs – as well as any financial parameters that you may have – can make the entire process move much more seamlessly. And, getting pre-approved for a home loan before you make an offer can also provide you with a real advantage.

image credits: Live Well Simply