So you want to know if you can still qualify for a home loan even if your credit has some dings. The answer to this question, unfortunately, is not black and white.

It really depends on a number of factors. Namely, what type of dings, how recent they are, and what the excuse or reason was for the derogatory credit.

It is definitely possible to obtain a mortgage loan despite having a few minor scrapes on your credit report. For a lot of people, the dings are so old that they either are no longer factored into ones credit score, or the mortgage lender discounts them all together because they are no longer valid.

As I mentioned before, what type of negative credit resides on your report plays a key role in qualifying for a mortgage.

Some things weigh more than others and some things take much longer to fall off than others. If you have something large, such as a bankruptcy, short sale, or foreclosure in your recent credit history you may want to rule out the idea of getting a mortgage loan. Most lenders look for these things to be at least two years removed from recent history. To completely fall off your credit report they can take anywhere from seven to ten years, and even this is dependent on whether or not the bankruptcy has been dismissed and whether the short sale and / or foreclosure has been paid and reported or remains unpaid. Other large items include judgments or liens which also take years to fall off depending on if they have been paid. These are looked at as highly negative and sometime unlendable.

Other items, such as late payments on revolving credit (credit card and signature lines of credit) and secured credit (auto, boat, or motorcycle loans) weigh much less; unless of course they have been turned over to collections, which happens generally when you are over 120 days late. These, unless they are a few years removed, weigh heavily as well.

In the end, however, it is really going to be up to the mortgage lender and the new guidelines they are required to follow on whether or not they are able/willing to accept said dings.

Lenders providing mortgage loans not backed by the government have their own requirements and each has their own level of leniency.

You will find that just because you might be denied with one lender for a particular credit issue, another may have no problem at all assisting you in purchasing a home! Good luck and do not give up.