I think I have just refinanced, Sweet
 

A couple of years ago, I needed some money to help my buisness survive a change of location. I took a risky arm loan against my property. I did my part, and kept my credit good, and did a bunch of improvemets on the property to increase its value. But then this whole mortage thing hit, and it was looking like I was not going to be able to re fi. It would have really sucked, my payments would have shot up a considerable ammount. I would not have lost the place or anything, but that stings a little , none the less. I am self employed, and really , when the smoke clears, I do not make that much money. I have been trying like hell for the last couple of months , and it seems as if all loan programs that a guy like me would use are now non existant. I had pretty much gave up, and decided to ride out the storm. Then a local mortage broker that tried to help me a while back calls me , and says there are now programs avialable again. I go through the apraisal on monday, and that is the only thing left, the apraiser says he did a drive by, and should not be a problem. Sweet. Do you think lenders are feeling the sting of this mess, and lightening up?? I am shocked, but relieved. I'll let you know how it works out. Hopefully there is some hope for others. I unlike many others, did not borrow over my head, and was willing to take the arm mortage, knowing full well, that I could keep all of my bills paid on time. Actually over the last two years I have trimmed a ton of fat off of my monthly bills, and I am starting to bank money again. LIfe is good here.

No one wants to rain on your parade. Until the loan funds, it's not a done deal, drive by or not. I'm rootin' for ya and I hope you bring good new to us regarding credit worthy patrons.

No basis for this statement, but I think people with excellent credit who are borrowing on a real appraisal and can show real income with a loan obligation that is in line with traditional income-to-mortgage obligations in the historical range of around 30% are not having much trouble getting a loan. Welcome to the good old days of the 80s and 90s. Someone correct me if I'm wrong.

You are correct Hugh. I was talking with a real estate agent the other day. She said there is no problem getting credit, but things have returned to traditional requirements. (Otherwise known as sanity......)

110% true. You'd be amazed by the number of "done deals" I've seen die minutes before there were supposed to fund. Some of the stuff wouldn't be believable if it had been in a movie.

Mortgages in lower dollar ranges are still readily available under traditional guidelines, but Jumbo mortgages are quite pricey. I've seen rates as high as 9% with large down payment (20-30%).

9% wow, I shouldn't complain about my 4-1/2% first and 6-1/4% second.