Check this out

Even though the mortgage "market" is in turmoil, i.e. more lenders closing shop around the country, your mortgage approval is a personal matter. Your credit history, your income, your assets or lack of, how much you are looking to borrow, wether you are going to live in the property or rent it out, is the property a single or multiple units, is it your vacation home? All the above affects your ability to secure a mortgage.

Borrowers with blemished credit records and inadequate paperwork to verify their incomes are having the most trouble getting mortgages.
But the lending crackdown also is affecting more creditworthy borrowers who need to borrow more than $417,000 so they can buy or refinance homes. These so-called "jumbo" loans are common in expensive housing markets like California, where a mid-price home sold for $478,000 in July.
In the past few weeks, the jumbo rates have climbed 0.75 to 1.25 percentage points above the rates for mortgages below $417,000. That higher premium has put the financing out of reach for many borrowers.

Be prepared to address all the items that have a direct impact on the outcome of your mortgage application.
Send your comments to info@p2funding.com or call me at 773-562-6972

Some interesting reading below.

http://finance.yahoo.com/real-estate/article/103373/Anxious-Builders-Pile-on-Incentives