If you have insufficient income or insufficient funds for a down payment, your loan application will be rejected because your income is insufficient in relation to the price of the house, or you have insufficient funds for the closing costs or the down payment.
You could always consider a loan program for low-to moderate-income borrowers that have lower down payment requirements allowing you to afford a home within your budgetary restrictions.
Don't give up !
Find a lender that will work with you to put together a plan that will work, won't stress a borrowers income, and won't place the borrower in danger of default by pushing debt to income ratios beyond acceptable lending standards.
Lenders are tougher today than ever before because of the new laws changing the way homes are financed. Because of the tighter government guidelines, which have been established protecting both the borrower and the lender, the lending environment is becoming a safer one. Disclosures are required when a loan is reviewed and denied if the proper disclosures are not in place.
Our lenders are getting better, and our borrowers have new and improved legislation behind them, working to make the lending process an integrity-minded, and great experience.
What are your thoughts?
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