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Remember the old days …

... when you could only get a loan if you could prove you didn't really need it?

From MSNBC.com:

Washington Mutual, another big lender, in March stopped offering [no money down] loans to subprime borrowers, typically people with poor credit. It also reduced the size of loans to other borrowers.

"It used to be that we would finance a loan up to $1 million with no down payment for a first-time home buyer," said Daniel H. Aminoff, a senior loan consultant at Washington Mutual Home Loans in Alexandria. "But as of March, we will only finance a loan of $417,000 with no down payment."

AND

Many lenders now place more emphasis on job stability and low debt when writing no-down-payment loans. Almost all verify a borrower's income and employment, which was not the case during the housing boom.

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