With all the past bank fraud that has gone on and supposedly created the crumby economy that we are in, lending institutions have really tightened their lending requirements.  These requirements keep tightening and changing even on a monthly basis.  So, a home buyer who qualified for a mortgage a few months ago might find themselves not being able to successfully close on the house that they have chosen to buy in West Bloomfield today.

FHA financing is being used more than ever as the financing avenue to successfully get people into their new homes today; but, even these loans have their challenging requirements.  A lot of the West Bloomfield properties that are available for fantastic prices today are foreclosed homes/HUD homes.  These homes usually have some issues to deal with for the would be home buyer; and, sometimes these issues will not pass the appraisals and thus not get the financing approved.

Many would be West Bloomfield home buyers are actually having to settle for rentals because they are unable to get even FHA financing approved. Credit scores need to be in good shape and better be going up instead of down if you want to buy any time soon.  Even though FHA is not credit score driven, so many other things are.
There are still many home buyers who are very qualified to buy in West Bloomfield today.  Some good advice is to speak with a West Bloomfield mortgage representative, let them know your total situation and have them tell you how to proceed with your loan.  Being prepared ahead of time can save a home buyer a lot of disappointment and make their house buying experience a good one.

Please let us know should you need any mortgage referrals and/or help with your buying process in West Bloomfield.

There are many different types of homes to buy and prices to choose from in West Bloomfield. People who didn’t think they would be able to buy a house for quite some time are finding that the time is now.  If you have a decent credit score (something over 680), are gainfully employed with a steady income, have some money saved for a down payment and, of course, are wanting to purchase, then this is your time to buy a house in West Bloomfield!

This is your best case scenario.  Please don’t give up if your credit score is not 680 and/or some of the other pieces to this buying puzzle are not in place.  You can always contact a West Bloomfield real estate agent to see where you might be at and what options you have to buy a house today (for example: renting & options to purchase).

There are many different types of West Bloomfield properties to choose from when you do find that you are able to proceed to buy a house. There are foreclosed homes, short sales and privately owned homes to choose from in West Bloomfield. The foreclosed homes are those homes where the bank/financing institution has taken back the West Bloomfield property for lack of payment from the previous owner.

In this scenario, you will be dealing with people working for an institution.  Lots of paperwork has to be signed and decisions on the sellers end are totally unemotional and strictly based on numbers.  Any offers made on a “short sale” property in West Bloomfield have to be agreed to by the seller and then also their financing institution. Their financing institution will be taking less than is owed on the West Bloomfield property; so, they have to agree to the short-gage that will result when this sale closes. Then you have your fair market sales of the privately owned homes to buy.  Even with these properties today, people who are buying homes are getting great deals as these sellers have to try and contend with the rest of the homes competing for your purchase to buy a house in West Bloomfield.

People who are looking to buy a house in West Bloomfield have a lot to choose from; and most are ending up with fantastic deals!