Mortgage Qualifications in 2016: Learn How to Qualify for a Home Loan

Wondering what it takes to qualify for a home loan in 2016? You’ve come to the right place. This website offers a wealth of information about mortgage qualification standards and requirements for 2015 and 2016. We interview and survey lenders about what it takes to qualify for a home loan, and then we share that information with borrowers through our website and our e-book. Download our free guide to mortgage qualifications in 2016, and you’ll learn how to get a home loan in 2016.

How Mortgage Qualifications Have Changed

The mortgage lending industry has shifted considerably over the last few years. It has gone from one extreme to the other, and has now come to rest somewhere in the middle.

In the late 1990s and early to mid 2000s, mortgage qualification standards in the U.S. were fairly lax. Those were the days when almost anyone could qualify for a home loan. But then came the housing collapse, followed by a full-scale economic recession. In the wake of that mess, mortgage lending standards and qualifications rose significantly. Suddenly, it was a lot harder for borrowers to get a home loan.

Today, in 2015, we are seeing signs of easing within the lending industry. Call it a return to normalcy. Of course, mortgage qualification requirements will never revert back to the “anything goes” days of the housing boom. New lending rules have been put in place to prevent that from happening. But it does seem to be getting easier for well-qualified borrowers to get a home loan these days. These trends, and the qualification standards that result from them, are thoroughly discussed on our website and in our e-book.

How to Get a Home Loan in 2016

We are more than halfway through 2015, so many home buyers and mortgage shoppers are looking ahead to 2016. Which begs the question: How do you qualify for a home loan in 2016? What kinds of qualifications do you need to have? What are the minimum requirements?

That’s what this website is all about. We have spent countless hours speaking to mortgage lenders, analyzing new lending rules, and studying market trends. As a result, we have a pretty good idea what it will take to get a home loan in 2016.

In short: If you have a decent credit score (read “north of 600”), a manageable level of household debt, steady income, and a down payment of at least 3%, you’ll probably be able to qualify for a home loan in 2016. You’ll find a thorough explanation of these topics elsewhere on the website. Just know that they are not set in stone. There are exceptions to most mortgage qualification rules and standards.

Free e-Book for Home Buyers

We have created a free e-book for home buyers and mortgage shoppers who plan to apply for a loan in 2016. This book will help you make well-informed decisions when shopping for, and choosing, a home mortgage loan. It is an unbiased guide written by the consumer advocates who created this website — it was not written by lenders, or anyone else with an incentive to “steer” you toward certain products.

Our book explains 2016 mortgage qualifications and requirements in plain English, so that anyone can understand them. It is based on our informal surveys and conversations with mortgage lenders. It also explains some of the new rules the government has put in place to curb “reckless” lending in the United States.

Best of all, you can download the book for free to learn how to get a home loan in 2016. The guide is available in Adobe PDF format, so you can save it to your computer and refer back to it as needed. You can print the whole thing, or one section at a time. Or you can simply read it on your computer or tablet device to save paper.

Disclaimers: This website is provide for educational purposes and should not be viewed as financial advice. Every mortgage lending scenario is different because every borrower is different. Your situation may be different from those described on this website and in our e-book. We make no claims or guarantees that the information provided on this website will increase your chances of qualifying for a home loan in 2016. We have provided this site to give borrowers a general idea what lenders are looking for, in terms of mortgage qualifications and criteria. There are exceptions to many of the rules and standards mentioned on this site.