Buying Real Estate is a very serious investment. Lenders look at various factors to determine whether they will approve you to purchase your future home.
Here are the Top 5 Reasons Home Loans Get Denied.
My team works very closely with Realtors and Mortgage professionals to get their clients approved for a Home Loan without delay.
- Low Credit Scores –Mortgage Lenders have different scoring requirements when it comes to purchasing real estate. Sometimes my Credit Repair team can add Rental Payment history to increase credit scores.
- Inaccurate Information on Credit Reports–Most credit reports contain errors that should be addressed and corrected before starting the home buying process. Have your lender do a detailed analysis of your credit reports to identify errors that can potentially hurt you.
- Debt to Income Ratio–Lenders evaluate your existing Debt such as Student Loans, Car Payments, and other financial obligations to determine whether you can afford future house payments. Never go out and make purchases during the home buying process.
- Late Payments–One 30 day late payment reported to Credit Bureaus can drop scores 10- 20 points. Always continue to pay your bills on time
- No Credit History–In order to qualify for home and car purchases the lender needs to see that you have a track record of paying your bills and managing debt. We have multiple sources that can add Positive Tradelines to your credit reports.
The CARES Act, passed by Congress last March, allowed many consumers to defer payments on certain mortgages, loans, and credit card debt. But some companies have erroneously reported those deferred payments as late, and that is a big problem. If this has happened to you reach out to me I can help.
FREE GIFT—7 Ways to Improve Your Credit Scores https://bonitawhite.com/credit
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