You do not have to be Bill Gates to get a mortgage, however, mortgage requirements have tightened up considerably. Unless you are a vet applying for a VA mortgage, 100% financing is gone. Stated income programs, programs where income was not verified, have gone the way of dollar a gallon gasoline. It might come back someday, but I would not count on it.
Factors that lenders focus on include: income to debt ratios, stability of income, down payment, and credit scores. While these guidelines have been tightened up significantly people are still getting mortgages to purchase or refinance.
FHA is the most flexible of current mortgage programs. You may still purchase a home with a down payment of 3.5% of the purchase price. FHA is also more lenient on credit scores, and other requirements, such as reserves. Reserves are the cash or other liquid assets a buyer has after the closing.
If you have been turned down for a mortgage, find out why. The problem may be fixable with a little work, or it could be you have an incompetent lender. It never hurts to get a second opinion.
Next week: Divorce mortgages
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