The mortgage lender should explain to you why your were turned down.
1. If it is a credit issue - get a copy of your credit report and work with a credible credit company to to bring your credit score up . Typically you will need a 640 to qualify
2. Loan to value (LTV) - if you don't have enough for a downpayment, lower your living expenses for the short term and save for the down payment. 20% downpayment will help you to get qualified if you are having issues
3. Debt to income - understand how your monthly bills vs your monthly income effects what you can qualify for and how to manage your bills now so you can qualify for a mortgage.
You may qualify for a less expensive property and your mortgage lender should let you know how much you can afford.
To find out more, go to my website at https://www.guaranteedrate.com/maryKayLaurent
And pull down the e-book "Demystifying the Mortgage Process" you'll learn:
1. How to shop for and get a low cost and low rate mortgage
2. What's important to lenders in order to qualify you for a mortgage
3. What credit scores are and why they're important in the mortgage process
4. The Dos and Don'ts before applying for a mortgage
5. What documents are involved in getting a mortgage
6. The steps and timeline for getting a mortgage and buying a home
Also on my website you can apply for a mortgage, get a pre-approval letter in 10 minutes and a free credit report.
Mary Kay Laurent
Associate Vice President of Mortgage Lending
o: 773.516.6859 / m: 312.403.4150 / f: 773.435.0681
3940 North Ravenswood , Chicago, IL 60613
NMLS ID: 870598
NMLS ID 2611 / NMLS Consumer Access / Licensing Information
State License Numbers: CA - CA-DOC870598 - 4130699, IL - 031.0032236 - MB.0005932, WA - MLO-870598 - CL-2611