How hard right now is it to get a home loan in this economy as a first time home buyer?

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With the bottom falling out on the housing market, is it easier or harder to get a home loan ? We will be first time home buyers and have applied for an insured Rural Economic Development home loan. We have fair credit with the flaws being small and several yrs old, 3 yrs or so and are trying to pay them off, it's only about $3500 worth so it should be easy, our income to debt ratio is small and our income is very good and stable. Our broker is saying our chances are"very good" but she could just say that for business sake. Is it easier to get a loan now or harder due to the economy right now ? Any advice to make it easier ?

How hard right now is it to get a home loan in this economy as a first time home buyer?

Many government sponsored loan programs are not dependant on credit score. If your overall credit picture is ok (no major delinquencies) and you have the income and down payment to qualify, I don't think it will be a problem. I do plenty of FHA mortgages, and it sound like your program may be similar.

How hard right now is it to get a home loan in this economy as a first time home buyer?

It is harder to get a loan now. With all of the foreclosures happening lenders have tightened their standards.

You need to find out what your credit score is and then you will know a little more about how easy or hard it will be and to find out how much down you will need.

The down payment will probably depend on your credit score but i believe that many lenders are requiring 20% even with good credit.

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How hard right now is it to get a home loan in this economy as a first time home buyer?

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