Do I qualify for a mortgage?

New tool factors bankruptcy, FICO score and debt ratio into the equation

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One major difference between the housing finance system today and the system that prevailed prior to the financial crisis is in loan underwriting — the set of rules and procedures governing who is approved for a loan and who is rejected. The swing has been from Lady Bountiful to Mr. Scrooge. Rules have been tightened across the board.

Where the major mistake before the crisis was approving loans to borrowers who should have been rejected, the major mistake today is rejecting loans that should be accepted.