Tulsa First Time Home Buyer: What If You’re Denied A Mortgage?

Qualifying for a home mortgage is a detailed and intricate process. Your approval or rejection depends on several key pieces of information. These include your debt-to-income ratio, your total stable income, and your credit score and history, among others. If you are rejected for a home mortgage, there are several things you can do next time you apply to improve your chances of being approved.

First, start by finding out exactly what went wrong with your last application. Your lender is legally obligated to give you a specific reason for the denial, if you inquire with him within 60 days of the rejection. Make sure you get something more helpful than something like “you did not meet our requirements.” You can legally push your lender to provide a more detailed answer, like if you had a poor credit rating, or if you did not have sufficient income. Figuring out what part of the requirements you did not meet will be helpful in fixing the problem. For example if your lender was nervous because you recently switched jobs, you should provide any related documents that show a history of steady employment history.

You should also make sure that your rejection was handled properly. A mortgage lender is required to make a decision on your loan application within 30 days. If it is denied, the lender must inform you in writing within the same period.

Another important step is to find out if there were any questions about your credit record. You are allowed to obtain a copy of your credit history from one of the main credit reporting agencies at no charge if you request it within 60 days of your rejection letter. You should review the information listed and look for any incorrect data. It is possible that someone else’s account information may have been slipped into your credit inadvertently, or there may be some late payments recorded that were not actually late. If you discover any mistakes, you can take it up with the credit bureau and challenge the information.

When the blunders are removed from your record, you may see a quick improvement in your credit score. If there are legitimate problems with your credit history, you will have to buckle down and start making payments in full and on time. You may have to close some credit accounts.

Do what it takes and be patient to create a score that will allow you to qualify for a home mortgage.

Click Here To Apply For Your New Home Now.

or Call me at 918-407-7855.

Clarence Fisher
Transaction Analyst
ZFG Mortgage
Tulsa, OK

ZFG Mortgage
5807 S Garnett Rd Suite I
Tulsa, Oklahoma 74146

www.zfgmortgage.com

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