Good credit scores. Most people with higher scores – say, above 640 – still have a good shot at mortgage approval, and 680 will satisfy most lenders. The average credit score in Texas is 665, according to Experian. But you’ll need about 720 to qualify for a prime mortgage at the lowest rates.

 

Sizable down payment. Borrowers with very strong credit might qualify with a small down payment or even none at all, but others are going to have to put more money down. “Last year, it was zero down. Now it’s 10 to 15 percent,” says Kevin Miller, president of TexasLending.com, a Dallas-based mortgage lender.

 

Verifiable income. Self-employed? Prepare for a bumpy ride. “The guy who’s self-employed can still get a loan, but he’s going to have to have decent credit or put a lot down,” says Bruce Finley, president and chief executive of Brickhouse Mortgage Inc. in Keller.

 

Compensating factors. A low debt-to-income ratio helps – for example, if your mortgage payment will be less than 28 percent of your gross income. Having lots of money in the bank is also a plus.