Have you recently been denied for a mortgage loan?
Most mortgage loan borrowers who have been denied for a mortgage loan do not realize that they have options. What were the reasons the mortgage lender gave you? If you were denied for a mortgage loan because you have recently filed bankruptcy, no mortgage loan lender can help you due to the mandatory 2 year waiting period. If you were denied for a mortgage loan because you have a recent foreclosure, no mortgage lender can help you until you have waited the 3 year mandatory waiting period from the date of the sheriff’s sale or the date the deed was transferred out of your name into the mortgage lender’s name. However, being denied for a mortgage loan from one lender should not discourage you from applying else where for a mortgage.
You have options after being denied for a mortgage loan
Every mortgage lender has different mortgage underwriting criterias. One mortgage lender might require a minimum credit score of 640 while other mortgage lenders might have a minimum 580 credit score requirements. A large percentage of mortgage lenders will not accept a debt to income ratio greater than 40%. Yet, I have Illinois and Florida mortgage lenders that will qualify a mortgage loan borrower with a debt to income ratio as high as 56.9%.
Get California Illinois and Florida Mortgage Loan Help From Gustan Cho
Some mortgage lenders will not accept open collections and require collections be paid off. Yet, other mortgage lenders will accept open collection accounts while others require a payment plan to be in effect before they approve a mortgage loan borrower for a loan.
If you got denied for a mortgage loan by a bank, the chances are that you can probably get approved by a lender with no overlays
Banks have much tougher mortgage underwriting and credit criterias than mortgage bankers. I have helped countless of Illinois and Florida mortgage loan borrowers who have gotten denied for a mortgage loan by a bank.
If you get denied for a mortgage loan, I strongly recommend that you consult with a mortgage broker. A mortgage broker has access to dozens of wholesale mortgage lenders. A mortgage broker can be your representative in getting you a mortgage loan approval by matching you with the right mortgage lender. You normally do not pay any more in fees, costs, or higher mortgage rates by dealing with a mortgage broker. In most cases, a mortgage broker can get you a better mortgage rate than your local bank. Mortgage brokers get paid by the wholesale mortgage lenders.
If you have been denied a mortgage loan in California, Illinois, or Florida and see if you can qualify for a mortgage loan, please contact me at 262-716-8151 or email me at firstname.lastname@example.org or visit me at www.gustancho.com.
Mortgage Blog Update
This mortgage blog post has been reviewed and updated on May 5, 2015.
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