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My personal anecdotal information from the trenches (1 recent refi of my current loan, 1 traditional purchase in progress for me, and 1 traditional purchase in progress for my BF, all at least 20% equity/down payment) tells me that for those who are well-qualified, getting a loan can still be pretty quick and easy. In fact, my BF asked to have his closing a week before originally specified in the contract, and the lender was easily able to accomodate that request. Heck, I don't even have to have my current house on the market or under contract, much less sold, in order to qualify for my new, significantly larger mortgage, because even with both mortgage payments (and no other debt), I'm still below 25% DTI (gotta love the low interest rates). And that's even with the processor only counting my easily documented monthly salary income, not the income from bonuses at my job, or my investment income, because she said it would be easier if we didn't count that and it wasn't needed for me to qualify.

Same financials for us, except looking only for 50% of value on a refi in a great area, with no problem with appraisal, no debt beyond this mortgage, and plenty of cash in the bank to pay off the mortgage if we preferred. Still was a PITA. Perhaps it boils down to who you use. The guy we used at Amerisave was basically a salesman who did little more than push our docs to the people who actually looked at them.

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