Do I qualify: Virtually everyone qualifies for home loans - at some level. Approval is based on a sliding scale that relies heavily upon the ratio of the loan amount to home value. Consider this example - a single mother, with no income, a prior foreclosure, and who just received a discharge in bankruptcy. Does she have a chance for home loan approval? Absolutely. Home loans for struggling single mothers qualify every day.

What are "Alt Docs" and "Low Docs"? Few people qualify perfectly with all approval factors. No single factor is all important, but rather, all factors are considered together. And even then, in a worst case scenario, virtually anyone still qualifies when the loan ratio is 70% or lower. Loans approved on low loan ratios are commonly referred to as "Alt Doc" (alternative documentation) loans and "Low Doc" (low documentation) loans. With these types of approvals, the value of the home offers enough security that lenders do not require proof of income, credit ratings, or prior financial problems.

Average homeowners with average credit seldom have problems with approval. As problems escalate, only the terms of approval vary. Yet some lenders specialize in poor credit and bad credit home loans, and have access to several unique qualification methods offered through Gennie Mae and Freddie Mac repurchase programs.

If you are concerned with approval, you should begin by comparing quotes with full service lenders who value all customers. These lenders welcome all applications and offer many specialized services and assistance programs. They are experienced assisting all applicants with approval - of the highest loan amounts - for the lowest rates. Then, if you are dissatisfied for any reason, your approval is still assured with alt docs and low docs.