FHA mortgages is the way to go for many Michigan home buyers. FHA appraisals are much easier than they were years. So don't be afraid of using a FHA mortgage as a buyer or accepting a FHA mortgage approval as a seller.
Because Southeastern Michigan has been labeled as a "declining market" (Home values falling fast enough that banks and lenders are concerned about loaning over 90% on Southeastern Michigan homes) it is harder to get a loan approved if you have border line credit, or borderline income or debt issues. FHA has a little more flexibility to approve borderline credit issues. So if you think you might not be approved for a Michigan home loan ask me or your loan officer about a FHA mortgage for you.
You may be able to get approved and be able to pick up a Michigan foreclosure at at great price. For more on Michigan real estate, or to search Michigan homes for sale free go to my websites www.RussRavary.com or www.DEtroitMichiganRealEstateHOmes.com You can search homes free of charge at your leisure or email me at Info@RussRavary.com for a list of Michigan foreclosures in your search area.
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