i was recently denied mortgage by a company my buyers agent recommended?

Question

my closing is supposed to be in 2 weeks. according to the loan officer it was denied because i paid my rent late 5 times in 4 yrs. my credit score is not that great but i make over 90,000. I really want this house. should i try to get a loan from another company even if the rate is higher and then refinance later.

Please i need only real answers. if you dont have anything substantial to suggest dont bother answering.

Answer 1

depending on your debt to income there are still programs you would qualify for.
sounds like we could have a place for your loan. contact anouther lender that wont gouge you try this place they did my loan and did a great job!

Answer 2

I'm certain that you must find all financial solution at: loandirectory.info-

RE I was recently denied mortgage by a company my buyers agent recommended?

my closing is supposed to be in 2 weeks. according to the loan officer it was denied because i paid my rent late 5 times in 4 yrs. my credit score is not that great but i make over 90,000. I really want this house. should i try to get a loan from another company even if the rate is higher and then refinance later.

Answer 3

More information is needed, but IN GENERAL lenders review your past 2 years of income, credit and rental history. If your late payments were in the last 2 years, you may not eligible for the program the lender selected.

There are some programs that do not require a VOR (verification of rental history) of course your rate will be slightly higher because NOT verifying your payment history is an additional risk to the lender.

Depending on what LTV you are looking to obtain and your other credit obligations (debt to income ratio) will dictate programs you may qualify for.

You can e-mail me with the additional details and hopefully find a solution for you. I can not lend in WV, AK, HI, MD, or ME - all others states I can assist you. Even if I do not assist you in the loan, I am still available to provide you answers and direction. =)

The bottom line, even though you have 2 weeks before the closing,you stand a good chance of making that deadline IF most of the the other third party tasks have been completed or at least ordered. You will need to respond quickly to the lender though to help the process to move quickly.

866-294-0011 is my toll free number. I will do what I can to help you and give you direct answers.

Good Luck, hope this helps

Answer 4

There are several components that go into the approval process for a mortgage. They are.. Income to debt ratio, downpayment, other debts, and credit score.

We dont know what your down payment is, or your debt to income ratio. It may be that the credit score is not what is stopping you here.

But in general, your income sounds kinda good, and you dont sound you like you have TO bad of a credit score, so I would simply try other lender. Someout out there is going to approve you as long as your credit score is about 600 and you have at least 10% down on the home.

Answer 5

Can you prove enough income to support the loan? If you can you should have little difficulty qualifying for an FHA loan. Be sure you find a lender that actually underwrites and funds the loan with their own warehouse line. Ask your Loan Officer if they are a direct lender and ask if they have "Eagle Approved" Underwriters on the premises. If they do they can underwrite and approve your loan much faster. A typical Broker can take upwards of 2-months to close an FHA. A direct "FHA Approved" lender can do it in 10-days.

Good luck!

Answer 6

If you have bad credit and I am betting no down payment then you can forget it in todays markets. IF you find a loan it will be in the double digit interest range.

Work on your credit. Don't do something else to prove your financial irresponsibility by paying more interest just so you can "get it" now!

ADDED have you even picked up a newspaper or read a news article online lately? Even people with a faily decent score are going to be jumping through extra loops and it gets worse everyday right now. Will it turn around, of course but not next week.

ADDED you want to really screw yourself over then just ry responding to one of the jackasses who spam this site with promises of loans to your next door negihbors dog if he barks 7 times in a row on days with no a in their spelling!

Answer 7

If you have bad credit and I am betting no down payment then you can forget it in todays markets. IF you find a loan it will be in the double digit interest range.

Work on your credit. Don't do something else to prove your financial irresponsibility by paying more interest just so you can "get it" now!

Answer 8

go shop around with other mortgage lender go to FHA lenders or reputable banks, hopefully u will get approved, the mortgage company isnt that good if there denying u for late rental payments.

Answer 9

That may be your only choice. But let me say that anyone here advertising or soliciting your business is breaking the Yahoo guidelines, and I would caution you that if that is how they do business, what other guidelines will the break to make a buck?!

Answer 10

Try another lender. It's about all that you can do if you want to salvage the deal.