There is a lot of hype in the media today concerning what is going on within the mortgage world. Per their usual motus operandi, the media has been a little sensational in their coverage, and a little bias to create hype. Take a look at this article written by a local Schertz lender:

Hello,

There is LOTS of confusion about what is still available and what is no longer available as far as mortgage loans are concerned, so let me clarify what is what:

YES, 100% financing is STILL AVAILABLE for customers buying properties to owner occupy with acceptable credit and documentable income and assets. We can still get the 100% single loah with mortgage insurance as well as the 80/20 or 75/25 without mortgage insurance although the 2nd lien rates are a good bit higher today than they were 6 weeks ago.

YES, stated income loans are STILL AVAILABLE for customers with credit ratings of at least 680 that are putting down at least 10%.

YES, loans to purchase investment properties and/or vacation homes are STILL AVAILABLE.

YES, Jumbo loans are STILL AVAILABLE.

YES, FHA and VA are STILL AVAILABLE and are more attractive than ever!

So, if all these are still available, what's no longer available?

No longer available loan products (or much more difficult to find!) are the 100% Stated Income & Stated Asset loans, 100% Investment Property purchases, 100% financing for borrowers with credit scores under 580, Stated Income & Asset or No Doc loans for customers with credit scores below 680, etc.

While credit qualifying standards are tightening up, there are still lots of terrific loan options available and rates are still very low.
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So, DO NOT pass up the opportunity to take advantage of a buyers market. Find your dream home TODAY!