If a lender didn't approve my loan can I try another lender?

Asked by Eric, Las Vegas, NV Mon Mar 9, 2009

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David Cooper’s answer
David Cooper, Agent, Los Angeles, CA
Mon Oct 14, 2013
The lender that declined your app must give you your Special Real Estate FICO score. This score is only available to mortgage lenders. You are also entitled to get a FREE Credit Report based on you being declined. I wouldn't do anything until I knew exactly what was the reason

David Cooper Superior Research for a Better Buying opportunity
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0 votes
Harry Wilson, Home Buyer, Miami-dade County, FL
Fri Oct 4, 2013
Yes all Lenders have different guidelines on what they can approve you for. I was denied by a couple Banks because I had a low score but my agent suggest The Lenders Network, they referred me to a lender that got me pre approved.
1 vote
Chad Roberts, Agent, Henderson, NV
Mon Oct 14, 2013
Try a local mortgage broker.

Chad Roberts
Realty One Group
0 votes
Jed Wunderli, , Las Vegas, NV
Wed Apr 6, 2011
Here is an answer from a lender who knows about this (not bragging, just want you to have good information) - you can absolutely apply with another lender. It would be good to know why you weren't approved by your first lender to see if you can address the issue. If you applied for an FHA loan, I would hope that the other lender did not officially deny your loan in the FHA Connection - this would make it very difficult for another FHA underwriter to overturn that decision.
While we all use the same guidelines when underwrting, it's the interpretation of the guidelines that is different as well as the loan officer's ability to package a file in order to highlight the positives and find solutions for any challenges. Loan officers who work for brokers are typically under more scrutiny from underwriters than are loan officers who work for a mortgage bank in tandem with their in-house underwriter - these situations usually allow the LO and underwriter to work together to find a solution. I've been in both situations and my current situation working for a mortgage bank is much better than when I worked for a broker. Feel free to call me to discuss your situation to see if we can overcome the challenges - I can take any issue directly to my underwriter to get their feedback as well.
0 votes
Steven Goldm…, Agent, Henderson, NV
Tue Mar 29, 2011
Good day Eric,
Absolutely. But.....don't you love the butts?
The new Lender will see exactly what the other lender saw that made you not qualify. Have a chat with the 1st lender that could not fund the loan. Ask them if you can fix the issues and return to them for a loan. They worked hard for you and you should thank them for their efforts.

Some items are fixable such as a slightly low credit score, a bill that was not paid, inappropriate asset to dept ratio, etc. Some items are not fixable without the magic of time such as missed payments, late payments, loss of income, SHORT SALE, BANKRUPCY, charge offs, etc.

I recommend that you do not pay a Lending Company or Loan officer any money until they have qualified you for a loan and you are ready to fund. The only funds that should leave your hands before closing is the appraisal fee. That goes directly to the appraisal company.

Ask the Realtor that you are working with for a recommendation of a Loan Officer. A Mortgage Broker will have many more options than a Bank or Credit Union. The Mortgage Broker may charge higher fees, but .....you got the loan and can enjoy your new home.

Please contact me immediately if you know a person that cannot make their mortgage payments. I will work with them to avoid foreclosure or bankruptcy at no charge or fees to them.

Steven Goldman, CRS
Broker Salesman
Certified Short Sale Professional (CSP)
REO-BPO Certified
Realty One Group
Las Vegas, NV 89135
Direct 702-242-1372
E-Mail: crssteven@teamgoldman.info
Web Site: http://www.teamgoldman.info
0 votes
Dan Tabit, Agent, Issaquah, WA
Fri Jan 28, 2011
Of course you can, but you should find out why they declined you and discuss the issue with your current and next lender. If there are issues you can address, do it. Without knowing more it's hard to say whether you'll be successful or what strategy to try.
0 votes
Roosevelt Mo…, Agent, Las Vegas, NV
Fri Jan 28, 2011
Absolutely. Each lender has their own guideline. For one-stop-shop Real estate services in Las Vegas, please visit my web site @ http://www.Lasvegasnewhomes4less.com
0 votes
Jennifer Wei…, , 89135
Mon Mar 9, 2009
Of course! It's always good to shop around and see what different programs lenders have to offer. I'm not a lender myself but could give you a local referral if you need one.
Jennifer Weinberg
Realty One, Group
0 votes
Marty S, , Irvine, CA
Mon Mar 9, 2009
Absolutely. There are several on here, including me, that can help.

I am a mortgage broker. If I can be of service, please let me know!

Martin Smith

Precision Funding
877-238-6324 Ext 704
877-238-6324 FAX
0 votes
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