Pre-approval letters
So you were pre-approved last year for a Michigan Home. That approval letter may not be Worth the paper it is printed on! Banks and Lenders have tightened up lending guidelines. In the last year mortgage lending has completely changed. There is no more 100% loans in Michigan. Even 95% loans are getting tougher. Though the alternative is an FHA loan. With an FHA loan you can get up to 97% of the purchase price and have the seller pay some of the closing costs.
Every week banks and lenders are looking at how to stop their bleeding. How to stop foreclosures. That is why they are tightening up the lending guidelines. Banks do not want to take the risk. Some people that bought homes in the last 5 years can not even refinance because many lenders do not do sub prime loans anymore. They do not have the mortgage programs they had last year, or even 6 months ago. Even a 620 score is not considered very good anymore.
So don't get caught with your pants down. Get your pre-approval today from a qualified lender. If you are thinking of buying a Michigan home give me a call. I will help you get pre-approved, straighten your credit out so you can buy a home of your own. For more on Detroit Real Estate, Michigan Real Estate, Wayne County real Estate, Oakland county real estate go to my website www.RussRavary.com I have lot of great Michigan mortgage information, credit report information, Michigan home buyers tips
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