There are many reasons why a person can be hesitant to apply for a mortgage. One reason is that they still cannot provide the recommended 20% of a down payment. Another common problem is a bad credit standing. Then there is a problem with income. A limited income would leave few options open when it comes to mortgage loans. Some people just opt to wait until they could increase their monthly income. One way to get around it though is to opt for an interest only home loans.