Is obtaining financing that hard?
In my experience... no. If you have very little money to put down the FHA is doing loans for 3.5% down. Rates on an FHA loan ranged from 6 to 6.5% with good credit scores. Advantages of an FHA Loan.
Lower down payment- 3.5%Loan is assumableHigher qualifying ratios of 29% for housing and 41% for total debtUp-front Mortgage Insurance Premium can be financedSeller can contribute up to 6% of purchase price toward closing cost, prepaids and discount pointsOf course convential financing is still available if you are putting down more than 10%.
If you have reasonable credit scores the money still seems to be flowing and people are getting approved for loans. The media makes it seems like their is no money to lend. If you want to own a home, now might be the best time. Housing prices are down and interest rates are still low.