Hey guys if your loan gets Can’t I Get Approved for A Home Loan tonight it can be absolutely devastating especially if you have a home under contract and it can be even worse.
If it’s at the last minute right before closing so hey guys I’m Christian Duncan and I’ve been in the mortgage industry since 2001 and I’ve worked every position including being an owner.
Why won’t anyone approve me for a loan?
So in this video I’m going to teach you what to do if your loan gets denied and also what you can do so that this doesn’t happen to you in the future please be sure to share this with a friend.
Who you think can use the help and then subscribe for Good Karma it can feel like the end if this happens to you people have had U-Hauls filled up Can’t I Get Approved for A Home Loan.
They’ve had movers scheduled everything’s packed everything’s ready to go and then this dreaded call comes in that says your loan is denied foreign Can’t I Get Approved for A Home Loan.
So first off we need to get really clear on what happened and it’s got to make sense now a loan officer might be nervous with sharing this to you but you have to know you have to know.
Why would a home loan be rejected?
What requirement wasn’t meant was it credit was it income was it property something to do with the property what exactly was it is the debt ratio too high.
If so how high was it is there something wrong with credit and if so what exactly was it that was wrong the lender should be able to communicate the problem really clearly to you and please don’t be afraid to ask questions.
You need to know exactly what happened so now that you know what happened it’s time to make some calls now first off different lenders have different requirements and here’s what you need to know Loan.
You start making calls to other lenders if this has happened to you or a friend in the past please drop a comment down below I’d like to hear about Loan.
Who Cannot take home loan?
It now for the call here are the things that you need to know first off you need to know your credit score very important there get this from the lender rather than an app such as Credit Karma next know.
Which Loan program you’re using is it conventional FHA VA which one is it know your debt to income ratio ratio this is the ratio that’s uh expenses compared to the income and then next know.
Your property type is it a condo is it a single family is it a manufactured home what type of property is and then lastly you need to know.
What happened and the requirement that you aren’t meeting and you want to know it so well that you can explain it to another loan officer now we need to make some calls Loan.
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Can banks reject home loans?
So we’re going to call a few lenders and we’re going to explain the situation right we’re not going to have any credit pools you don’t have to supply any income.
This is really going to be a short conversation it should be less than five minutes okay and that call should go something.
Here’s the phone call hi this is Christian and I just got denied for a home loan and I’m looking for a second opinion so I have a 630 credit score.
I’m doing a VA loan my debt ratio is 50 percent as far as my lender told me and I’m buying a town home now my current lender said that my credit score dropped from a 650 to a 630.
Why is nobody giving me a loan?
That was because of an increase in the balances on my credit card and they need a 640 in order to go to closing Now you listen you’re looking.
A lender that has a different requirement right I’ve had many of these conversations over the years and about 75 percent of them have been saved.
Now most of these are preventable okay you see most people get pre-approvals now pre-approval is when you call the lender you go over income credit.
Why am I struggling to get a loan?
A loan officer reviews it and says Yep looks good to me but did you know that the loan officer is not the one that actually decides on your approval.
It’s not the loan officer it’s an underwriter now some lenders allow the underwriter to review it before you even start house shopping.
This is the best way for an approval and it will eliminate most of those problems that can cause a denial later on so it’s better to know up front better to have the underwriter review.
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