Is getting pre-qualified for a home loan harder today?Are you currently being pre-qualified for a home loan or currently in the lending process? Or, are you under contract on a house and in final underwriting? If so, you may be experiencing challenges and having to provide extensive documentation and explanations to obtain a pre-qualification or satisfy the underwriter's requirements.

For many, one of the most pivotal steps in the home buying process is obtaining a home loan and this is especially the case for first time homebuyers. In the past, we've published Do's & Don'ts of a Smooth Loan Approval to help yet in today's environment, things are harder.

Just know, you're not alone.

Buyers we've represented have shared those challenges with us and here is a list of common financing challenges facing buyers today.

1. Income Verification & Variable Income

2. Timely Employment Verification

3. Explaining Gaps in Employment

4. Explaining Large Bank Deposits or Transfers

5. Explaining Large Monthly Bank Withdrawals

6. Explaining Investments & Assets

7. High Debt to Income Ratios

8. Below a 700 Credit Score

Challenges can be overcome and can take time. Just don't get frustrated and mad because it is harder than it has been in a long time. Good luck with your financing and we're here to help.