Turned Down with 700 Credit Score?

By
Mortgage and Lending with American Financial Network NMLS #196099
https://activerain.com/droplet/K5c

Recently I met with what seemed to be  very well qualified home buyer in Woodbridge, VA.  She and her husband are move up buyers from a condo to a single family home.  They had been pre-approved for mortgage financing by two other lenders already. Once Mrs. J ratified a contract she was actually turned down for the mortgage by one of the lenders, ouch. Even with plus 700 credit scores, money down and stable employment...how can this be?

I went on to explain that it really depends on who you choose to represent you and why this could happen to even the most qualified buyer:

  • First Lender- the credit union, offers great rates, but is very conservative about debt to income ratios and strictly following their loan guidelines. Of which they actually turned her down because her loan amount at time of contract exceeded the inital pre-approval
  • Second Lender- the Big Name Banks could work out if you want, again, conservative guidelines and less personal service, such as communication by email only and only during banking hours.
  • Third Lender- Yours truly, Woodbridge Mortgage Lender, of the three had the highest approval amount and  closed the loan although her ratios were higher than the guideleine. She also appreciatd the abilty to get answers fast, even after (banking) hours.

 

"It really depends on who you choose to represent you!" If you are looking for  a mortgage and the following are important, give me a call, 703-497-3936.

  1. Flexibility on debt to income ratios
  2. Open Communication (even after hours)
  3. Local Accountability (come to my office)
  4. Competitive Rates

 

 

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Tags:
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Rainmaker
199,859
Brian Kuhns
Coldwell Banker Roth Wehrly Graber - Fort Wayne, IN
Fort Wayne Real Estate by Brian Kuhns

Important to have a Lender on your side locally that understands their clients needs and situation. great job of being flexible and explaining the situation to this client

Oct 15, 2012 12:11 AM #1
Rainer
44,815
Carol McCarthy
Realty World Select - Lake Ridge, VA
ABR

Markita definitely gets it done. She gotten a few tough ones through for me. She really goes the extra mile!

 

Oct 16, 2012 09:29 AM #2
Rainmaker
147,780
Markita Woods NMLS#196099
American Financial Network - Woodbridge, VA
Queen of Mortgages - FHA, VA, Conventional, USDA

Thanks Carol for stopping by!

Oct 16, 2012 12:58 PM #3
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Rainmaker
147,780

Markita Woods NMLS#196099

Queen of Mortgages - FHA, VA, Conventional, USDA
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