Restrictions make borrowing difficult for many

While mortgage rates are at their lowest levels in more than 60 years, tighter lending restrictions have made securing these loans difficult for some. In fact, qualifications have become so strict, it's adversely affecting the real estate's industry's ability to recover, housing analysts say.

"It used to be anybody with a pulse could get a home loan," Guy Cecala of Inside Mortgage Finance told USA Today. "Now, you have to be an Olympic athlete. The pendulum has swung too far."

Through June, the average FICO credit score a borrower had before securing a government-backed loan from mortgage giants Freddie Mac and Fannie Mae was 751, the source reports. That's up from 707 in 2007.

Robert Walters, chief economist for Quick Loans, told the newspaper that the people who are able to secure loans these days have credit ratings that are "largely pristine."

Because mortgage servicers place a heavy reliance on credit scores, it's particularly important that these ratings be accurate. Errant notations made by creditors may unfairly lower scores, placing consumers at a disadvantage for securing a loan.