The current economic crisis is being felt by most everyone in every social class as even the largest financial institutions are failing under the housing crisis induced woos and the ever rising cost of living. But those are feeling it the most are those who have a poor credit history and find themselves in the need of a loan. Most lenders have less money to give out and are subsequently tightening the requirements to qualify for a loan through their establishment.
Of course this means that those with poor credit are not out of luck when it comes to finding the funds they need to make their purchase. For those who can come up with a down payment the odds are still good that a local bank will finance their loan request despite their poor credit rating. Banks are under lots of pressure right now from investors to make sure they do not lose any money and so banks only are interested in loans which are at the least risk possible for them. By having poor credit you are a risk, but by bringing money in you are placing less risk on the bank by placing money into equity right from the start.
