2007-02-16 13:13:41 · 9 answers · asked by Ugochinyere 1 in Business & Finance ➔ Credit
Mortgage lenders have tightened their belts because they are losing their pants with foreclosures.
I suggest you tell them you want to know what the problem is, in writing, a.s.a.p. You have the right to know what the problem is and what you can do to fix the problem.
Here are some ideas; you are a first time buyer with little credit history, be it good. Your debt ratio is too high; you have too much credit card debt vs your income and the added mortgage.
You have a right to know what is happening with your loan, your real estate agent should be advising you too. Find out who your loan agent is on your loan and get some answers. There are many mortgage companies, try Lending Tree (on line), I understand they are pretty good.
2007-02-16 13:24:16 · answer #1 · answered by MadforMAC 7 · 0⤊ 0⤋
You need to broaden the scope of your search or at the very least try a new broker. I recommend Hamlin Mortgage. They do business in 48 states and have over 100 lenders at their disposal. Take 45 seconds and fill out the free evaluation form at
www.totaldebtsolutionsllc.com
and they will have a Hamlin loan officer contact you wtihin 24 hours. Good luck.
2007-02-18 02:53:19 · answer #2 · answered by CALIFORNIA GOLD 3 · 0⤊ 0⤋
relies upon on how undesirable that credit is. FICO in the low 600s, yet no cutting-edge deliquents or judgements? you at the instant are not doing undesirable. being waiting to tutor that destructive credit become by using three undesirable situations (scientific matters, activity loss, etc) incredibly than financial mismanagment (incredibly ongoing mismanagment) can bypass an prolonged way with a lender. yet no longer something could make up for little or no earnings. even in the experience that your FICO is in the 800s, in case you do not have verifiable earnings which will pay your liabilities, you do not have a raffle. So take a seem at your credit. make confident there are not incorrectly reporting matters (e.g. in case you paid/settled an account and it is nonetheless exhibiting delinquent). build up your credit if mandatory with the help of protecting up a robust value time table and protecting your revolving credit use to a minimum.
2016-09-29 05:27:31 · answer #3 · answered by ? 4 · 0⤊ 0⤋
Where do you live? They are giving mortgages away in Michigan to any one with a job. Keep trying, someone will give you one.
2007-02-16 13:19:14 · answer #4 · answered by Brandy B 3 · 0⤊ 0⤋
You need to be able to make the payment...so your payment has to be around 25% of your income...you might need to put many thousands down depending on what type of mortgage you go for...except VA ...you don't need anything down...
2007-02-16 13:17:51 · answer #5 · answered by sweet 4 · 0⤊ 0⤋
If you KNOW your credit is good, it might be that you have not been on your job long enough.
either way, when they turn you down, you have the right to know why.
Dont be shy about asking, this is your life!
2007-02-17 12:40:35 · answer #6 · answered by lisa s 6 · 0⤊ 0⤋
Is it your opinion that you have great credit or is this what the lender is saying? What exactly are the reasons why lenders/loan officers are refusing you a loan?
2007-02-16 13:18:14 · answer #7 · answered by Venita Peyton 6 · 1⤊ 0⤋
You should check out my website, I have a banner from a loan company that does loans for mortgages, cars, and much more.
http://www.
freewebs.com/
whowantstoberich
2007-02-16 13:18:05 · answer #8 · answered by whowantstoberich 1 · 0⤊ 1⤋
Your payment maybe too high. You want to keep your payment about 25% or less of your income.
2007-02-16 13:19:18 · answer #9 · answered by Mariposa 7 · 0⤊ 0⤋