By Michelle Durham

PHILADELPHIA (CBS) — Published reports seem to indicate that more people are able to qualify for mortgages since the market downturn in 2007.

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Fannie Mae and Freddie Mac, the companies that federally insure the majority of the nation’s mortgages, are relaxing their FICO score requirements, sometimes as low as 620. While that opens the door for more people to own a home, it’s not as easy as you might think.

Jonathan Kraus, President of Philadelphia Mortgage Advisors, says there many other factors that are taken into consideration before a home loan is approved.

These include how much debt you have incurred compared to your income, the amount of the down payment, what type of home it is, and your FICO score.

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If your score is in the 620 range, “Take a look at your credit,” says Kraus. “Usually a 620 credit score comes from someone mismanaging their debt. Either they borrowed too much, credit card balances are too high, or they have not paid their bills on time.”

Kraus says anything in collection or charge off status will really weigh down your score..and that should all be cleared away.

“The purchasers of the house need to look at their budget and say what monthly payment am I comfortable with instead of what do I qualify for,” he says. “Because what you qualify for might be a lot more then what your budget is telling you you should spend.”

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