The Miracle of Qualifying

PHILADELPHIA — With more than 3 million borrowers past due at least two months on their home loans, lenders have become more reluctant to hand out money. One Pennsylvania real estate agent estimates that the share of borrowers obtaining loan approval is less than half the level it was a few years ago. Another agent in the state says problems in the approval process are almost always on the lenders end but are usually overcome. A Pennsylvania mortgage broker notes that most people who call him qualify for the lowest rates.