I thought this was a very interesting discussion.

http://www.streeteasy.com/nyc/talk/discussion/2861-new-condo-financing-is-over-people-losing-contract-deposit

This does seem like a slight cause for concern, but the discussion is definitely exaggerated.  I think the truth is, the credit markets are in disarray and some banks who've gotten hammered as a result are taking extra precaution and tightening their underwriting standards (i.e. not financing loans to new development condo's under 90% sold, as in the above link...).  That being said, NY is a completely different market than the rest of the country, and I'm sure qualified buyers in our building (where per sq ft costs are among the most reasonable in the neighborhood) will have no trouble getting financing.  Hopefully 6 months or so from now when closings are scheduled to begin, the credit world has recovered a bit.

Has anyone dealt with the Wells-Fargo people from the sales office that were offering the 12 month rate lock?

I have been trying to deal with the wells fargo people, but it seems like they are trying to evade me with that lock in.Have you had any luck?

Previously david lievre wrote:

I have been trying to deal with the wells fargo people, but it seems like they are trying to evade me with that lock in.Have you had any luck?

Yea, I've been dealing with Wells Fargo. The told me that the 12yr lock is only for the 10yr fixed rate, which is a little higher then their 30yr fixed rate. I was told why do the 10 yr when you can get the 30yr for a lower rate.

I spoke with the wells fargo people today and they said they offer the lock for all of their mortgage products, including the 30yr fixed. Locks can be for 6,9,12 months. I think perhaps even longer though I didn't ask specifics.