Despite what the media is saying mortgage lending has NOT come to a complete hault. 
There are still great loan programs available, some of which do not require a 20% down payment or equity position, and some which still allow credit scores well under 720.
-FHA Cash out refinance to 95%. Equity line closed or frozen, still need cash for home improvements or college tuition. Want to consolidate high interest car loans and credit cards, and take advantage of tax deductible interest? As long as you have owned your home for at least 12 months you may be able to do an FHA cash out refinance up to 95% of your homes current value. Credit scores accepted as low as 580.
-FHA purchase loans to 97% FHA purchase mortgages still only require a 3.5% down payment! And, the down payment $$$ can come as a gift to the borrower from a family member or can be borrowed from most approved retirement accounts. Again, credit scores as low as 580 generally get approved, but the last 12 months must be clean. Sellers can pay up to 3% for closing costs, so today's homebuyer can take advantage of the great opportunities in the marketplace for as little as 3.0% out of pocket. With FHA rates still low, it's an outstanding time to buy!
VA loans with no money down. In the industry, we have talked a lot lately about things "going back to the way they used to be" Most qualified military veterans can still get a loan up to $417,000 with no money needed for a down payment. This is an outstanding benefit for the thousands of military heroes in the country today. In fact, this is one of the very few $0 money down loan still available in today's marketplace, as it should be; a special benefit to Veteran's of military service.
-Home Equity Line of Credit (HELOC) to 95%. We do still have a HELOC program that will allow you to borrow up to 95% of the current value of your home, less the outstanding 1stmortgage balance. HELOC's are generally tied to the Prime lending rate which is very low today at 5%!
Guidelines have certainly changed a lot in the mortgage industry the last 1-2years and are still changing by the day. Many programs are gone or down payments and credit requirements have gotten much more restrictive. But, there are still great loans available to help in reaching your financial goals and objectives.
Kim Murphy, 1st Advantage Mortgage, A Draper and Kramer Company
Loans for DuPage, Kane, Cook, Will and Lake Counties
;)
;)
Kim, The Media does poison the consumers for sure. Everyone that I know is panicking right now. Information like you have provided is necessary for consumers to learn about their available options.