Sharing Time: Are You Having Difficulty Getting a Loan?

With all the recent talk of $700 billion dollar Wall Street bailouts, obscene “TED Spreads”, and the inability of businesses to get short term loans, you might be wondering what all this has to do with you beyond the fact that your 401K is gyrating up and down by 10% or more a week.  The theory goes that banks are tightening credit lending so that only the most qualified of buyers can get a loan. The reality is probably somewhere in between as even the major news agencies admit that when they poll local lending institutions things are not much different than they were one or two months ago.    

While the credit crisis has shaken Wall Street to its core, the thousands of community banks that make up the lion’s share of the nation’s banking system remain, to a large extent, quite secure.

“Our lending window continues to remain open,” said Jonathan Fox, the chairman and CEO of The Fowler State Bank, a Colorado-based bank an hour’s drive from Pueblo with about $56 million in assets. 

Source: CNNMoney

So all this negativity we see in the press got me thinking–we are obviously in an economic crisis in this country, but are we truly in a consumer credit crunch?  How hard has it been for real people to get loans? Share your stories and let’s hear what your experience has been like in securing a home loan.