If you look around your neighborhood, chances are there are at least a few homes which have been sitting on the market for sale, for a lengthy period of time. Many of these homes are for sale as a result of foreclosure.

Some of them will sit for several months before going to an auction state of sale. These situations are the exact reasons mortgage offices are pickier than ever before with lending to buyers.

In the past three years lenders were extremely flexible in lending to buyers. They were allowing buyers to have bad credit and unverified income. Lenders were qualifying buyers for mortgage loans far larger than the buyer could actually afford in their monthly budget.

Thus, when the economy began to decline the first people to default were these non-perfect buyers. Lenders found themselves with loads of defaulted loans and now find themselves with homes they can’t sell.

Thus, today’s lenders are pickier than ever before. They want their buyers to have great credit scores, be financially stable and have verified and stable employment. Meanwhile, many buyers are not able to get homes because they are less than ideal.

However, in the long run this is only an act to protect everyone financially. It is an action lenders should have done three years ago, to avoid this problem from occurring altogether.

Those borrowers who aren’t eligible for traditional loans should simply wait. The best thing to do is to find ways to increase your credit scores and reduce your overall debt. These two factors weigh in greatly when it comes to mortgage lending.