What many lenders are looking for are several factors.
1. Debt to income ratio,
2. FICO score,
3. longevity in job position ie. job jumpers are seen more and more of a risk.
and 4.risk of area; flood prone, industrial...anything which can make a possible re-sale (distress/ short/ forclosure) a burden on the lender.
More and more banks (and lenders as a whole) are at risk and are finding selling thier loan portfolios much more difficult to third parties...no one wants them and therefore tight lending.
Rule of thumb nowadays...anything less than12% for a new purchase will be OK for lenders to consider. We have a great lender in our office, Ray Garry who specializes in this, especially with the new guidelines. He is great!
Give me a call and I will set you up with his number.
Best of luck