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Commercial Mortgage Loans in DETROIT, MICHIGAN

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Got Lousy Credit? 10 Places Where It Won't Stop You From Buying a Home

Although the state capital of West Virginia is a college town, the city's overall population is aging. There's been a big decline in chemical industry or coal jobs. That's caused many folks to put their homes on their market.

This has opened the door for first-time buyers seeking move-in ready, three-bedroom homes near downtown, says local real estate agent  Margo Teeter  of Old Colony Realtors. These single-family homes start around $130,000, but can be found for less .

“We’ve got a buyer's market,” says Teeter. Due to the relative abundance of homes on the market, she says, “our area has more motivated sellers.”

The affordable prices have led to an increase in young buyers, ranging in age from 22 to 35, who take advantage of the lower credit scores required for USDA and FHA loan programs.

Best (and Worst) Cities to Get a Mortgage with Poor Credit

There are then three major factors that determine whether or not you can get a mortgage: your credit score, the loan-to-value (LTV) ratio, and the debt-to-income (DTI) ratio. The two federally regulated agencies that buy mortgage loans from lenders, Fannie Mae and Freddie Mac, have eased both their LTV and DTI limits, making it easier to qualify on those two factors.

By making it easier to get a mortgage, could the United States be headed for another housing crisis like the one that hit the housing market in 2007? In those bad old days, it was much easier to get a loan because mortgage lenders could make loans that required no documentation of a borrower’s income. The loans could then be packaged into a tradable security and re-sold to investors who had no idea what they were buying. Mortgages today must be fully documented, and while they can be packaged as securities, the rules are much stricter concerning the quality of the loans in those packages.

Fannie and Freddie will now accept fully documented loans with an LTV as high as 97% loan to 3% down payment. Last year the two agencies lifted their DTI ratios from 45% to 50%. In some cases, loans that meet these requirements can be had for buyers with credit scores as low as 580. The pros at Realtor.com explain:

Michigan Mortgage / Bad Credit / HUD homes / HELP!!?

My husband is in Michigan waiting to immigrate us from Canada. He earns approx $3200 net per month, has been at the same job since Nov 2007, but in the same LINE of work for over 10 yrs (owned his own business for approx 5 yrs during that time).


I suggest contacting a mortgage company that does not charge for pre-approval and ask them the questions you pose. http://mumloans.com is an affiliated lender of my broker. According to their website they do not charge for pre-approval.