Home buyers again need their own money to close a deal.

Lenders faced with growing piles of bad loans, even to borrowers once considered good credit risks, have clamped down on the no-money-down mortgage. The abrupt shift threatens to dash the hopes of millions of potential buyers, especially those shopping for their first homes.

Four out of 10 first-time buyers used no-down-payment mortgages in 2005 and 2006, according to surveys by the National Association of Realtors. But some lenders are now scrapping such loans completely. Others are pickier about who gets them. All figure that the more cash borrowers put down, the less likely they are to default.

No-down-payment loans are just about near impossible to get right now say some loan officers and real estate agents around the nation. We'll have someone all lined up and then without warning, the lender will say they can't get a loan. This hurts the first time home buyers and the less fortunate families the most. Many new families straight out of college and other reasons can't afford to drop 20% or more on a down payment on a home.

Investors are also feeling the pain as it is becoming more difficult to finance a property or flip that can generate lots in profits for them. This doesn't mean that they won't be able to invest, but that they will have to find alternative methods of financing their investment properties. Creative investors always find a way around to creating their wealth through creative financing options such as having the owner finance the property for them.