Fannie Mae and Freddie Mac have recently established new lending guidelines for homes in declining markets. It is important to know whether or not your home is in a declining market because it will affect the maximum percentage you will be able to finance.
Most mortgage insurance companies have also established new LTV guidlines for how much they will insure the loan. These new guidlines has reduced the maximum LTV by 5-10% on average.
That means appraisals are receiving an extra dose of scrutiny, and lenders are asking some buyers to come up with more down-payment cash.