Getting a Home Loan Just Got Harder

As some lenders collapse under the weight of bad mortgages, others are getting pickier. Now you have to have a real down payment -- and actually be able to afford the house. People with loans nearing the end of low-interest introductory periods are asking themselves, "Can I qualify for a refinance I can afford?" The short answer, of course, is that it depends. With a FICO score roughly above 620 and a stable income, you're likely to be a "prime" customer, although factors like other debt you're carrying and how much you want to borrow also enter the equation. In fact, if you are in the prime category, now is a great time to refinance, since 30-year fixed rates are dropping to 6%, says Mike Fratantoni, senior economist with the Mortgage Bankers Association. Click here to read more from MSN.



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