When I graduated from college you could go directly to being a real estate broker and being a graduate  from college gave me all of the credit I needed to take that test. 

Didn’t read the actual bill but it seems they are only easing the rules for the smaller banks and credit unions, under $10B in assets.

I have the money to put down and a great credit score, but do not have the credit history I think I will need.

I have near 800 credit score, more than enough to put a substantial amount down, no debt (except owing $700 for a iphone and cc balance I could easily pay off), and am a financially responsible individual, just in the process of generating more income.

Not sure how my business is going to go this year but assuming I have $2k month self employment income, no debt, $50k cash reserve, and an excellent credit score...What is the likelihood that I will qualify for a mortgage?   

Add credit and background checks (we charge $75 per credit check) and the costs just keep adding up. 

My question is what will you guys do, have the seller replace it or have him credit me back on purchase price.

Do we have them pay the deposit first and conduct a background/credit check?

I personally don't charge an application fee, because of personal reasons...I screen and then let the selected tenant complete the criminal/credit/background check through an independent party that collects the fee.

Someone asked to rent from me and was up front about having maxed out credit cards (they said to pay for family business start-up equipment) but never missing a payment.