Once you get the denial letter you should move on to another lender immediately, but before you do you should know exactly why the previous lender could not give you a loan commitment. Once you know you can ask the next lender if they can seriously help you with that issue and assist you with the loan.
If you need assistance getting a loan I can suggest some great mortgage lenders for you to select from.
If you need any help feel free to contact me.
You can start looking for a another property right away.
The question is, will you qualify? Do you know the reason why your loan was denied? Was the issue with you or the property, or some other reason that will not be an issue with your new property?
Good luck with your new search...
All the best,
Roswell Moore, CMPS
Certified Mortgage Planner
We are a Direct Lender, Mortgage Bank where we originate, process, underwrite, fund, AND SERVICE our loans, in-house, with FHA (starting at a 580 score AND still only 3.5% down), FHA Streamline refinance loans (NO minimum credit score, NO appraisal required) Go Green rehab loans, HomePath, Investor Friendly (10 financed properties), VA, VA Refinance loans (NO appraisal required on IRRRL loans), USDA loans, Jumbo loans, Conventional loans, plus, we allow Escrow Hold-Backs!
I am happy to offer my assistance and encourage you to visit http://www.Taylorsellshomes.net
Your question is too vague because it all depends on the reason why your loan was denied in the first place. If you want contact me direct and with more details I can give you answers. If the reason you were declined was based on your qualifications, I may be able to give you some advice on how to fix the issue in the timeliest fashion. Either way, good luck!
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
The second thing that you want to consider is that if your loan was denied and you are getting back the deposit from the seller's attorney, make sure you get your check, deposit it and keep a copy of it for the next mortgage application. They'll likely need to source & document any large deposits.
Again, no timeframe in general that applies for how long you need to wait before you can begin searching for a property again. I do suggest that you meet with your Loan Officer and discuss the reasons why your loan was declined. Perhaps it's something that has a fix to it and you can salvage the current deal. If you need a second opinion, I'm always available to meet in our Brooklyn offices. Good luck!
If my response was helpful, consider clicking BEST ANSWER!
Senior Loan Officer
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797