I had applied for an FHA Loan I was pre approved, my parents co-signed with me and now they tell me I am not approved can I apply with another lender?

Asked by mellon, Brooklyn, MD Wed Jul 10, 2013

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Thu Jul 11, 2013
Hello, if you are looking for a lender located in WI who knows FHA and does not have many mortgage guideline overlays... I would like to talk with you about your situation. Please contact me.

Sincerely,
Mandy Fritsche, Prospect Mortgage, Mortgage Loan Officer, NMLS# 557211
262-327-5700 Cell, 877-868-9198 Fax, mandy.fritsche@prospectmtg.com
http://www.MyProspectMortgage.com/mfritsche
0 votes
mellon, Home Buyer, Brooklyn, MD
Thu Jul 11, 2013
My loan was not approved as I was told the debt to income ratio was too high, what can I do to improve this and get a loan approved, should I re-apply with another broker or should I try landmark Credit Union. Does anyone know how long roughly it would take to get an approved loan .. my closing is supposed to be at the end of this month and I don't have much time.
0 votes
Matthew Heit…, Agent, Stoughton, WI
Thu Jul 11, 2013
I had a similar situation with one of my home buyers. They were denied for FHA through a major bank. I referred them to the mortgage broker we recommend and they go the FHA loan approved.

Best of Luck!
Michael Collins- CDPE, SFR, BPOR
Broker - Rock Realty
608-921-8536

My Trulia Blog:
http://www.trulia.com/blog/RockRealty/
0 votes
Javier Menes…, Mortgage Broker Or Lender, Melville, NY
Wed Jul 10, 2013
Absolutely. You have no idea the # of people I meet who experienced the same thing. A buyer called me on May 30th from a response I posted here on Trulia. I told him exactly what documents he needed, and we met the very next day on Saturday June 1st. His loan closed on June 21st.

Why have you been denied is the question. It can be anything really. I suggest you meet with a Loan Officer who knows what he is doing and can give you accurate answers and tell you exactly what you're dealing with. It's possible that you were initially pre-approved for a higher amount than what you actually qualify for, maybe you have large deposits that can't be sourced, maybe it's an issue with credit? It can be anything. But whatever it is, you need a Loan Officer to tell you exactly what you must do to get the deal done.

I am always available to meet and go over all the necessary documents. Whatever the reason is you no longer qualify, I will tell you exactly what it is and what you can do right away to help your situation. Feel free to call me or email me anytime. Good luck!

If my response was helpful, consider clicking BEST ANSWER!

Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648 Cell
(516) 740-4478 Office
(516) 918-5383 Fax
0 votes
Hi Javier
I was told the loan was not approved due to a high debt is to income ratio. I am not sure of what I can do to improve that. I do have a car loan that will be paid off in full in three months time. I have a credit card that has a balance of $60 only on it.
My parents have a few credit cards and that's about it. What can I do to improve the debt is to income ratio ? Would it help if I pay off my car loan in full before I apply with another lender ?
Flag Wed Jul 10, 2013
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