Financing in Richmond>Question Details

Brenda Feria, Real Estate Pro in Richmond, VA

How many qualified buyers have you had this year who have been turned down for a loan to purchase a home that had nothing to do with the appraisal?

Asked by Brenda Feria, Richmond, VA Fri Oct 15, 2010

Tighter underwriting guidelines.

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Pacita Dimacali’s answer
Only one: the husband had co-signed a loan with this son to buy the son a car, so that weighed heavily on his financial ability and qualifying income to buy a house with his wife. Neither the son nor the father can afford to pay off the car loan.

So they'll have to wait until that loan is paid off.
0 votes Thank Flag Link Fri Oct 15, 2010
Loan officers are more reluctant to provide qualified buyers with any pre-qualification or pre-approvals to begin the home search process because of the unusual demands that are coming out of underwriting. I've had to encourage my buyers to not give up and to consult other banks.
0 votes Thank Flag Link Fri Oct 15, 2010
None and only one that didn't go through because of the appraisal.
0 votes Thank Flag Link Fri Oct 15, 2010
All of my qualified buyers received their loan including self employed borrowers, only the unqualified ones were turned down. If you loan officer is issuing pre qualifications on buyers who are later denied they were not qualified to start with. Might want to look for some new lending partners.
0 votes Thank Flag Link Fri Oct 15, 2010
If a person is "qualified" why would the be turned down for a loan?

However let's say the buyer wants to use FHA to purchase a condo where the default rate in development is over 15%. The development may not qualify for FHA financing and therefore a loan would be denied due to property the property. The buyer is still qualified to buy but they can't buy that particular condo. Is that what you are asking?

And no I haven't had a qualified buyer denied a loan.
0 votes Thank Flag Link Fri Oct 15, 2010
Not one. I don't understand why the media is saying it's tough for buyers to get a loan!
0 votes Thank Flag Link Fri Oct 15, 2010
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