[Scott S]

Hoping to get a lower rate and after two and a half months of waiting we were denied for the first time ever.

We have great credit, substantial reserves, a new appraisal with over 25% equity and we were turned down because our 5 acres and home is on farmland.

We have used the same broker for over 10 years who specializes in middle to upper markets. She tells us that we are not unusual, the loan underwriters are turning down 9 out of 10 applications for the most trivial of reasons. She believes the home credit market may be this tight for a very long time..

If the best qualified buyers can't get loans, if will take years to get out of this mess.

Scott S