Those days are gone forever! Today, many investors on Wall Street have conducted countless risk surveys that determined once and for all that homeowners saddled with debt and slow payments pose only a slightly higher risk than the "A" paper applicants. Risk-based lending evaluates more factors than just credit history. Other factors that help determine an affordable solution for you will include:

• How much time has elapsed since the bankruptcy, foreclosure, late payments, etc?
  
• Is the credit on the mend now or is it still shaky?
  
• Length of time at current property
  
• Job Stability
  
• Amount of equity in your home (if refinancing)
  
• Amount of down payment available (if buying)
  
• Is the new loan going to reduce your monthly expenses?