Lately, I feel that I have beating a dead horse over here with all the changes due to a declining housing market.  Our lending environment has became so tight that good borrowers feel that there are really no options to help them get into a home today.

Recently the mortgage guidelines have become more strict in Arizona and Conventional loans are really not the hottest ticket in town anymore.  If you are a Conventional loan, the Sheriff has made it clear that he wants you out of town before sunset. 

So what are your options.  Its pretty clear. 

• If you cannot put at least 20% down, then look toward FHA and VA as your best Ally.
• If you can put 20% down, then Conventional mortgages are the best.
• As for refinances, you might be lucky enough to refinance your home if the equity position is there and the  interest rate benefits you.

Its really this simple until our crazy wild west environment improves.