July 25, 2012 Home, Home Buying & Selling, Quizzle News & FeaturesComments Off on Denied a Mortgage? Almost half of all refinance applications get turned down and about 30 percent of purchasers’ share the same fate. Ask the actual person handling your application to explain your denial in as much detail as possible. If the property you’re borrowing against isn’t sufficiently valued for the loan you need, it can derail things. Appraisals can vary substantially, and while you’re legally entitled to a rebuttal, they rarely result in higher appraised property value.
Most lenders use Fannie Mae and Freddie Mac’s guidelines—a 45 percent debt-to-income ratio—but some are tougher. It takes 30 to 90 days for payments to show up on your credit report, but you can speed things up. By paying down bills, balancing debt-to-income, building a solid payment history, and monitoring your credit reports and scores, you can prepare for another run at a loan.

This is called “LTV”, or ‘loan-to-value’, and in this department, lenders rely on appraisals from management companies they work with. By law, banks can’t accept a second appraisal, so it may be time to look for another lender. If your DTI exceeds your lender’s limits, consider a community bank that might be more flexible in dealing with situations like yours.
Through “rapid rescoring”, lenders and mortgage brokers can generate new credit scores in a couple days. Lots of creditworthy would-be borrowers get turned down—that doesn’t mean they can never get a loan. However, there are things you can do to improve your loan prospects or find lenders suited for your needs. Unfortunately, the reasons provided are often too general to suggest a specific course of action.
That’s why it’s so important to know the lending requirements of any bank you’re working with.

They’re often more receptive to folks with higher DTI ratios, such as many small business owners. Borrowers are judged on where they fall in a “range of risk”, so if your score’s on the margin, getting a loan can become a game of inches. Even if your credit score needs serious work, you don’t have to give up on the life you want to live. Your report can be a bigger key to getting into your dream home than even the key to the front door itself.

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