If you consider yourself incapable of getting credit,
you may be living in the past in terms of assessing your financial situation.
Lenders are now bending over backwards to give money to borrowers. A recent
survey of mortgage lenders found some interesting trends. Ninety-six percent of
those surveyed had cut their standard down payment requirements for
moderate-income buyers. Ninety-three percent said they are more lenient in their
income-ratios (the ratio of your debts to income), and 94% of those surveyed
said they now have more flexible approaches to credit histories, and look at
rent and utility payments more than credit cards.
Seventy-nine percent of lenders say they have relaxed employment
criteria. They now look more at your capacity to generate a stable flow of
income rather than requiring a long history at one job.
There are more lenders today, and they are in fierce competition with
each other. The home loan industry has created entire markets that cater to
those with less-than-perfect credit.