New hurdles for home financing

Waiting for home prices to fall even more?  Well, there's other considerations; waiting for less may cost you more.

Underwriting standards have tightened, meaning that borrowers need higher credit scores, more income and higher down payments. And that's not all. There are many challenges to financing a home, but the following six are especially problematic in today's market.

1. Higher credit score requirements: Although loans can be had in most cases for credit scores down to 620, they often come with a higher rate and/or fees."
2. Greater scrutiny of income and assets. Buyers are now put through the wringer
3. Ever-changing borrower requirements. Unfortunately, a buyer can have all of these items fall into the current guidelines, only to have the guidelines change.

To read the complete list please go to 6 new hurdles for home financing in MSN Real Estate