When I bought my house in November 2006, getting a mortgage loan was relatively simple. Because I’m self-employed I had to provide extra documentation, which created a little headache. But overall, the process was easy. We were able to get 100 percent financing and closing cost assistance.

Today, things are a little different. If you want to buy a home, you may need a down payment. And if your credit score is lower than 650, some lenders won’t touch you with a ten feet pole. Due to the recent mortgage meltdown, getting a home loan is no longer “a walk in the park.” Lenders have tighter guidelines. You can still get a sub prime mortgage loan, but expect to pay a down payment.

While many mortgage lenders have shut down their sub prime departments, there are ways to find a loan. You’ll need to start looking early, and explore all your options. More importantly, you’ve got to compare different offers. Thus, you find an affordable home loan. If you want to keep your payments predictable, opt for a fixed rate mortgage loan.