Of the 3 main commercial lenders I work with (all small local banks and credit unions), one has temporarily stopped lending in order to work on PPP applications, and the other two have tightened up their underwriting requirements a bit as well as raised their down payment threshold from 25% to 30-40% depending on the deal.

Are you saying 2008 temp income counted before the crisis until banks tightened the lending practices. 

***Pitfalls: 1) You can't refinance fast enough because banks tighten up even more in 6 months (as economy may not recover as fast as everyone hopes)2) HML finds out you're living in said property and you've now broken your contract with them (as they don't lend on OO)

If you wait for that 20 percent drop, but rates have gone up, or lending has tightened, there is not the gain tou think there is.

Many markets have seen a significant decline in buyers, lenders are tightening their standards, millions of people have already lost their source of income with more likely to come, their is great uncertainty over what the next year or two is going to look like, and due to the combination of these things plus more there is potential for market valuations to lower to some degree in the short-to-medium term. 

Lenders are tightening up their underwriting at this time so it doesn't hurt to have a few in your back pocket. 

Underwriting has been unpredictable over the last 60 days and banks are tightening up, as specially if you don't already have a relationship.  

Lending restrictions in the time of the 'Rona have tightened up for sure.

I think you need to tighten up your analysis and then see what's what here, @Andrew Lorenzini.

-Depending on the scope of improvements made, the cesspool may need to be re certified (this is for major improvements, such as additions to the home that add more strain on the cesspool)-The cesspool is normal for the area of the home.