Tight standards make mortgages tough to get

OMAHA, Neb. – Sept. 15, 2011 – Homebuyers such as Bob and Janet Zych have fueled the U.S. housing market for decades. They have excellent credit with scores that top 800, life-long careers and investment portfolios that have set them up for a comfortable retirement, they say.

But this year, “after faxing a ream of paper” about their finances, they got so fed up applying for a home loan that they simply wrote a check for their new $85,000 vacation condo in Phoenix.

Trying to get a loan “was just a nightmare,” says Bob Zych, 65, a manager for Mohawk Industries in Omaha.

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