An MRI tech in her 40s was stunned last week to get handed a furlough notice. After all, as a medical worker for a hospital, she’d imagined herself immune to layoffs. But due to COVID-19 -- and the economic upheaval it’s caused -- her whole financial outlook has changed unexpectedly.

As an avid saver for many years, the tech has sufficient funds to pay her bills for months ahead. Moreover, she’s been assured by her hospital she’ll be back on the job as soon as that’s safely possible. Even so, she fears her plans to refinance her high-rate mortgage to a low-rate one must be put on hold.

Mortgage specialists say the tech is undoubtedly correct that she couldn’t currently qualify for a new home loan, despite her employer’s assurances.

“When you’re applying for a mortgage, furloughed income doesn’t count, and the same is true of unemployment benefits. You have to have regular income to qualify,” says Dale Robyn Siegel, author of the “The New Rules for Mortgages.”

Since the COVID-19 crisis began, Siegel says many lenders have tightened the guidelines they use when qualifying prospective borrowers. To get a home loan -- whether to refinance or purchase a property -- applicants need larger down payments and better credit scores than before.

It’s not only the rising rate of joblessness that has lenders nervous. They’re also unhappy with new federal rules that have allowed several million borrowers to postpone payments on their government-backed mortgages for up to a year.

“Even people with perfectly solid jobs and plenty of money in the bank are taking advantage of the new mortgage-forbearance program. That’s why some lenders are raising the bar high for new applicants and others are backing out entirely, especially when it comes to making jumbo loans,” says Mike Hummel, the managing director of a mortgage firm, who’s worked in the field since 1997.

Keith Gumbinger, a vice president at HSH Associates (hsh.com), which tracks lenders across the country, says the challenging mortgage market now facing consumers is akin to the one immediately after the real estate crisis of 2008. But in some ways, he contends consumers will be better positioned once the pandemic subsides.

For instance, he says it’s likely that after she’s back on the job, the medical tech wishing to refinance her mortgage will likely qualify for a new home loan, despite the interruption of her employment.

“Over time, I think a lot of lenders will be understanding of these special circumstances. This situation is totally different than the Great Recession,” Gumbinger says.

Still, he urges anyone planning to apply for a mortgage in the future to take steps now to strengthen their qualifications and identify sympathetic lenders.

“Rather than expecting lenders to beat a path to your door, you’re going to have to do some of the digging yourself to find the right folks to help you out,” he says.

Here are a few pointers:

-- Consider local lenders as a source for mortgage finance.

In the current economic period, the role of some national and regional lenders has diminished. Some have lately signaled their lack of interest in making mortgages through unusually stringent underwriting standards. They’d rather pursue other lines of business, which they consider safer bets.

Meanwhile, the role of local mortgage lenders, especially smaller shops, has become somewhat more prominent. Because of that, Gumbinger says many home-loan applicants could be especially well served these days by seeking out nearby lenders with whom they already have established relationships.

“Look locally at credit unions, small commercial banks and savings banks. They are absolutely competitive for your business,” he says.

-- Count on referrals to find a solid lender.

When hunting for the best mortgage lender, Gumbinger urges you to do a broad search.

Friends who’ve bought a home or refinanced a mortgage are often an excellent source of names for good lenders. If possible, try to get referrals for lenders your friends have used in recent months.

Another good source of referrals are real estate agents. Ask for at least three names of well-established lenders who’ve proven dependable.

“Realtors have their finger on the pulse of the mortgage industry. They know who’s weathered the storms of change in the past and who you can count on to get your financing through in the future,” he says.

-- Shop hard for the best mortgage rates.

Before committing to one lender, it’s always a good idea to do comparison shopping. But scouring the market for the best possible terms is especially wise these days, given that rates are hovering near historic lows.

“It’s true that a number of mortgage sources are now in retreat and others have become very wary. But remember that those lenders whose only business is making home loans -- including mortgage brokers who work with multiple financing sources -- don’t make a living unless they get their transactions to the finish line,” Gumbinger says.

(To contact Ellen James Martin, email her at ellenjamesmartin@gmail.com.)

This past January, a New Jersey couple in their 60s crafted exciting plans to leave their grand colonial-style house in favor of a small waterfront condo in North Carolina near their grandkids. The goal was to sell at a leisurely pace in early 2021.

But the couple’s plans accelerated recently after they were furloughed from their jobs. Worse, the husband was infected with COVID-19, and his illness included a costly hospital stay that further drained their savings. So they’re under financial pressure to sell the colonial right away.

With the economy in turmoil and the couple’s house not yet prepped for market, they worry about the implications of selling now. Given their shortage of cash on hand, how can they upgrade their house for showings both swiftly and inexpensively? Must they accept a sacrificial price?

Skylar Olsen, a Seattle-based economist for real estate giant Zillow, doesn’t know the couple in this true story. But she says the outlook for their sale could prove better than feared. Though she cites statistics showing many would-be buyers are now pulling back from the market, she notes that many sellers are also adopting a “wait and see” approach, which means the couple will likely face relatively few rivals.

Ashley Richardson, a veteran real estate agent affiliated with the Residential Real Estate Council (crs.com), agrees that outlook for sellers may be better than expected in coming weeks.

“What’s surprising now is that a fair number of people working from home with their kids out of school are recognizing the pressing need for a bigger, better house,” says Richardson, who sells property in Maryland through the Long & Foster realty firm.

Realtors say it’s not only low-income people who may confront the need for a rapid sale due to the virus outbreak. People at any level of the economic ladder can find themselves without the money they need to make their place salable.

“I’ve known clients with high salaries who live paycheck to paycheck. When a crisis hits, they must totally restructure their lives and sell their house. But sometimes they don’t have the money to make it market-ready,” says Mark Nash, a real estate analyst and author of “1001 Tips for Buying & Selling a Home.”

Nash says those confronting the need to sell hurriedly due to COVID-19 issues should face the situation squarely and not delay, even if they’re entitled to postponing their monthly mortgage payments.

“You’ve got to bite the bullet and act quickly,” Nash says.

Here are a few pointers for sellers:

-- Make your place sparkling clean.

With the current extreme emphasis on hygiene, Nash says it’s more important than ever that for-sale properties appear meticulously clean.

It’s true that many interested buyers are now spending more time previewing property through virtual online tours. Yet Nash says that even now, with fears of infection, it’s exceedingly rare for buyers to commit to a purchase without touring a home’s interior in person.

“Folks will give you many extra points if they think your house is so clean they could eat off the floors,” Nash says.

-- Try to get help to do “strategic painting” and yard work.

Even if you’re financially pinched, it’s unlikely you’ll find volunteers to take on a large-scale house-painting job for nothing. But Nash says that by contacting a local church or synagogue and explaining your current situation, you might find those willing to donate a finite amount of time to help you complete some limited work that will enhance the exterior of your place.

“Focus on the importance of repainting trim, including your shutters and front door. Also, stress the need to perfect your landscaping. All these are tasks you could accomplish quickly and cheaply alongside volunteers,” he says.

-- Find a listing agent trained in “staging.”

The quest by home sellers to get the highest possible proceeds has spawned an industry of home “stagers” -- people hired to rearrange and supplement furnishings to make a For Sale property more appealing.

Stagers typically charge up to $1,000 or more for a redo. Many are quite effective at making a home look more attractive. If you lack the funds to pay a stager, Nash suggests you look for a listing agent who will provide such services without an extra fee.

“Every day more agents are trained in the art of staging, and some have a real knack for it,” he says.

How can you be sure that agents who claim expertise in staging will do a good job? Nash recommends you ask them to email you “before” and “after” photos of properties they’ve staged for clients. Look at these prior to signing a listing agreement with one of them.

Of course, in an era of social distancing, not all talented stagers are comfortable spending time within a property to do physical staging work -- but some will do so willingly if your place is vacant and you provide adequate personal protective gear.

-- Look for guidance on pricing from experienced real estate pros.

As real estate agents point out, it’s crucial that the seller of an “as is” home price it at a level that accurately reflects its condition. That way, you can reduce the risk that it will languish unsold for a lengthy period.

To offer pricing recommendations for their clients, agents typically use what are known as “comparables,” which represent past sales of similar homes in the same neighborhood. But Nash says that in this era of economic uncertainty, the key is to look forward, not back. You need someone with a sense of whether local property valuations are currently rising, falling or staying flat.

“Right now, there are a lot of missing pieces in the puzzle. Still, as the economy gradually reopens in the days and weeks to come, real estate pros should have more clarity on pricing trends,” he says.

Nash strongly recommends that those under duress to sell in the current market seek pricing guidance for agents with substantial experience and an in-depth knowledge of their neighborhood.

“Everyone knows that as in politics, all real estate is local. It takes a pro to tell you about the direction of prices in your particular hamlet,” he says.

(To contact Ellen James Martin, email her at ellenjamesmartin@gmail.com.)

As the country grapples with the economic impact of the COVID-19 pandemic, millions of Americans are losing their jobs. Yet many more continue to work uninterrupted.

Among the securely employed are numerous young adults who’d planned to buy a first home this spring but are now torn between proceeding and postponing. One reason is that housing analysts themselves are unsure how real estate will play out during the balance of 2020 and beyond.

“We’re still in the early stages of understanding exactly what effects the coronavirus will have on the housing market in the long term,” says Alexander Casey, a senior policy analyst for Zillow, the data-driven real estate company.

Arlen Olberding, a Colorado-based financial planner who counts many aspiring homeowners among his clients, encourages those well positioned financially to go forth with the purchase of a house that’s a near perfect match for their desires, particularly if they have very narrowly defined tastes.

Still, he’s convinced that many wannabe first-time owners who have yet to find the home of their dreams would be well advised to delay their full search for three to six months, on the assumption they could get a better deal after the worst of the COVID-19 crisis has passed.

In the midst of the outbreak, countless would-be home sellers have withdrawn from the market due to health concerns. Though they could go through the selling process with video tours led by their listing agent, they prefer the convenience and perceived safety of waiting for a more normal market, perhaps as early as this autumn.

The assumption of these postponing sellers is that their property will fetch as strong a price later this year as it would have this spring. Many housing analysts support this view on the basis that property remains in very short supply, particularly for entry-level homes in popular, close-in neighborhoods. They assume that buyer demand will bounce back after the worst of the outbreak has cleared.

But other analysts are skeptical. These include Richard Curtin, the renowned economist who tracks consumer sentiment through regular surveys for the University of Michigan. He argues that consumer demand for big-ticket items, including homes, will lessen for the remainder of the year and that even many with secure jobs will back off in coming months.

“The post-coronavirus economy will not immediately return to the discretionary spending patterns that prevailed just a few months ago at the end of the longest expansion on record,” Curtin says.

Olberding isn’t predicting that home values will drop sharply during the latter part of 2020. But he does anticipate that as the months pass, sellers will become more motivated and open to negotiation. He also anticipates that mortgage rates could fall in coming months.

Here are a few pointers for first-time buyers who’ve decided to postpone:

-- Use the time to amass more funds for your down payment.

Olberding says that for those whose finances remain sound, this is an excellent time to fortify their down payment accounts with extra savings.

“If you can put down 10% rather than 5% on your mortgage, you’ll reduce your monthly payments going forward. You might even qualify for a better interest rate,” he says.

-- Crunch numbers to set a realistic housing budget.

Dale Robyn Siegel, a home loan broker and author of “The New Rules for Mortgages,” says that at a time of economic uncertainty, it’s especially smart for buyers to make a realistic assessment of their living costs.

“I always tell clients that before they choose a property and take out a mortgage, they should run the numbers and make sure they stay skinny on their overhead,” she says.

Your core living costs are expenses you must meet on a regular basis. Among other things, they include outlays for food, transportation, child care and insurance coverage. They may also include any financial commitments you’ve made to a religious institution or charity. Together, these expenses constitute what many in the financial field call your “nut.”

“Prior to making any major financial decision, your first task is to ensure you’ll have the funds to meet your nut every month,” Siegel says.

How should you go about determining your nut? Olberding advises buyers to take a step-by-step approach. As a first step, he says you should carefully review your checking and credit card statements to see where your money has gone in the past six to 12 months.

“When it comes to spending, people are creatures of habit. Because of that, looking back at your personal spending history should help you project your future spending,” he says.

Once you’ve categorized your past spending, it’s time to comb through the columns, determining which among your non-mandatory costs you’d be willing to trim in order to afford the sort of house you wish to purchase.

Once you’ve calculated your living costs, along with quality-of-life choices you consider essential, it’s time to compare this monthly total to the net income you’re bringing in. The difference should be the funds available to cover your mortgage expenses and future home upkeep and utility costs.

-- Realize that it’s still possible to qualify for too large a mortgage.

Given rising levels of unemployment, the federal government is now engaged in an unprecedented level of deficit spending, and all financial institutions are more wary. Meanwhile, lenders are looking ever more closely at the quality of borrowers’ credit. So Siegel recommends that buyers who are postponing their home search use the waiting time to repair any blemishes that appear on their credit reports.

Yet ironically, despite more stringent lending standards, she says many who can jump over lender approval hurdles are still able to borrow more than they reasonably should. Why? Because the full extent of their living costs isn’t apparent to the lender who reviews their file.

For example, in assessing your affordability range, a lender won’t take into account private debts, like the regular payments you owe your mother who advanced you the money to buy a new car.

“If an expense doesn’t show up on your credit report or tax returns, the lender often doesn’t know about it,” Siegel says.

(To contact Ellen James Martin, email her at ellenjamesmartin@gmail.com.)