How tough is it to get approved for a mortgage? How low can your FICO credit score go before your lender shows you the door? And how much monthly debt can you be shouldering — credit cards, student loans, auto payments — but still walk away with the mortgage you’re seeking?
You might be surprised. New data from technology company Ellie Mae, whose loan application and management software is widely used in the mortgage field, reveals that even if you’ve got what seems to be a deal-killing low FICO score or you’re carrying a mountain of debt, you still might have a shot at qualifying for a mortgage to buy the house you want.