One of my lenders sent me an email this morning with his thoughts on some of the current financial issues and what we are hearing in the media...especially in regards to the mortgage industry.  His thoughts fit right in line with what I have been saying for quite some time...that the media seems to really blow out of proportion what is really happening...but that makes for better news stories.  I have included some of his thoughts below with permission...Thanks Gray Buffington!! 

Secondly, what I've heard over the news the past week reminds me of when a hurricane was set to hit Destin Florida. The next day the national news showed a building with no walls,  blown over signs on the ground, etc. Calling folks we know who live there they said the storm died out prior to reaching shore and they barely got rain and had no wind. What was shown on all over the  TV was a restaurant that was remodeling and had put up a new sign and removed walls. It was not a building blown to rubbish as was implied...but it was dramatic and certainly made for a better news story across the country.

Similarly, over the past week, I have been watching the news about our financial markets unfold. While the financial crisis is certainly having a significant impact on the US economy, I have been concerned about dramatic statements I've heard in the media regarding the availability of mortgages. I've heard several, so called “experts” make the comment that it's almost impossible to obtain a mortgage loan. This could not be further from the truth. Mortgages are readily available at GREAT rates to those borrowers with at least a  3% down payment, credit scores at least 620 and debt to income ratios in line with traditional guidelines. Because we've fielded calls with questions on the above, we know you may be as well.

It's simply not the case...certainly guidelines have tightened over the past year, the elimination of stated income loans, zero down programs, down payment assistance, increases in mortgage insurance, etc. but mortgages are not difficult to obtain by any means!

I am concerned that some in the media have portrayed such a bleak picture for those who may want to buy, that it may discourage some from even looking...further hurting the economy unnecessarily. Now is actually the BEST time to buy...there are new tax credits, there are great rates & the future could very well hold changes in guidelines & potential increases in mortgage insurance.