Many of us have been discussing the recent turn in the market and what that has done to the sub-prime borrower, but mostly, we've been discussing that within the context of what happens to a person with marginal or poor credit that is trying to purchase a home with little or nothing down.

 You feel like this in your search and offer process...waiting to hear back from the lender.

One area that has been neglected in discussing the subject is the huge demographic of non owner occupied investors. Many of the people I work with are purchasing a second home, rental, or rehab property to hold and gain equity in over the next market turn. It may take a couple of years, but those who are able to wait it out stand to make a tidy profit. However, unfortunately, the fiscally responsible, creditworthy, yet cash poor first or second time investor may be one to suffer in the wake of what the recent foreclosure boom has left us with.

It used to be I could take someone to a banker or broker and if that person had a great FICO score, (720 or above), and gainful employment, they could get a loan based on their prior history as a responsible consumer. That is not always the case in our current market. More and more, lenders are calling me back and telling me things like, "Yes, he has a 750 score and 5% down, but he's only been 1099 for 9 months and they won't make an exception...if this had been 6 months ago, it would have been no problem..." or "Well, we don't have any more programs to accommodate a non owner occupied with less than 20% down if they are going stated..."

"I hope I can get you the property, but we have to see what the lender comes up with..."

Some of the home-buyer programs have changed drastically as well. What this means is, I can go through my preliminary pre-qual with a buyer prospect and they can look good as gold to me, but some guideline may have changed over the past few weeks making this great looking buyer...suddenly marginal. Is anyone else sharing my pain? I've got houses to sell here...

I know it's not the local lender's fault and they don't like it any more than we do, but it seems that what once was a smooth, fluid, transaction process that instilled feelings of confidence from my buyers is now a hit or miss "let's hope we can pull this off." thing. I find myself hoping that I don't embarrass myself, my lender, or any of my agents in the new and unsure lending territory we tread. Any thoughts?

 "Ya' mean we cayn't qualifi Andy? Well, Goooollllly!"