What on earth are we to believe?  I just saw Cramer on the Today show lamenting the fact that it is so difficult to obtain a mortgage.  While it is more difficult for borrowers with sketchy credit or high ratios to obtain a loan, it certainly is not impossible.  We're still getting first time buyers into their first homes with 100% financing or very near 100%

FHA with down payment assistance programs, VA, Conventional My Community programs, Local Government Grants, State Bond, etc etc etc.  All these programs allow for a home buyer to purchase with little to no money down at good rates.

I find myself fielding questions many times a day from buyers that are wary of news reports of the "Mortgage Meltdown". 

The truth is:  If you have taken reasonable care of your credit, and are interested in buying within your budget, there are still many many loan products available to you.

The media's self fulfilling prophecy of financial doom and gloom will only be realized if the public believes their hype.