In West Bloomfield, a real estate agent used to qualify buyers for a mortgage, and then they could pick out a house in the price range they were pre-qualified for. Of course, some buyers did not want to spend all that they were qualified to spend for a mortgage; but, knew their income and their expenses and could figure out the ratios that were necessary to fit into their preferred loan amount.

Then, more complicated mortgages with many different West Bloomfield mortgage companies and more costs to help keep all these separate mortgage companies in business. The real estate agent was better off not having to know all the financial business of the buyers; and, so the pre-qualifying became the job of the West Bloomfield mortgage representative.

Obviously, the whole subprime mess is the result of many of these mortgage companies not making good decisions when it came to lending money to many buyers. Now several of these West Bloomfield mortgage companies and even some banks have closed their doors and lending has become a lot tougher for the buyer’s today.

FHA loans are still available; however, the down payments in West Bloomfield are now 3.5% instead of the 3% that they were. Plus, sellers are no longer able to contribute to a down payment of a purchaser as they were able to do in the past. Closing costs can still be paid by the seller(s); but, may be limited for certain types of loans. Loans for condominiums have become tougher as PMI companies are not willing to insure the lower percentage loans.
All West Bloomfield lenders are making doubly sure that all buyer information is current and correct; and, buyers may have to jump through more hoops than ever to secure financing. However, financing is available today with some of the lowest rates we have seen in a long time within West Bloomfield.

Today, a West Bloomfield purchaser needs to have clean credit with a good score, some money for their down payment and the means to pay back the loan. With pricing and interest rates so low, buying is a great investment for those who have the ambition, desire and ability to purchase a home in West Bloomfield.

Posted on Tuesday, January 27th, 2009 at 2:15 pm and is filed under Mortgage. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.