In the market for a new home or refinancing an existing loan? #homefinancing If you are looking to buy a new home or refinance your existing mortgage loan, be prepared that the process may not be as easy as you think. With the unemployment rates, extremely low home prices, and foreclosures on the rise, consumers are finding it difficult to get financing. Even if you have good credit and a down payment, you may still have to jump through hoops to get your loan. Some things that lenders may look at, besides your credit score is: Loan to value ratio – some lenders may require this to be at or around 85% or less. 1st and 2nd mortgages, along with any additional cash requested, will need to be considered for a mortgage refinance, home equity line of credit, or debt consolidation loans. A down payment for a new home loan may be required up to 3.5% or more. If you are a first-time homebuyer, be sure to do your research on the house you are interested in as well. Know your mortgage options and if there is federal or state aid available to help with your purchase.