So what does it take to get approved for a mortgage to buy a house this summer, whether you're a first-timer, planning to move up or downsize? Maybe not all that you think. For most people, the key requirement is that you've got the right package of stuff – acceptable credit score, down payment, financial reserves, debt-to-income ratio – to get an acceptable grade from the automated underwriting systems or “black boxes” installed at the dominant investors in the market, Fannie Mae and Freddie Mac.

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