Greg Cook, a California Mortgage Consultant, has an interesting post that explains why the old saying, "if at first your don't succeed, try again." Being denied approval from one lender may not be the kiss of death.
Now if your credit is terrible, you don't have a steady and verifiable source of income, and you had a recent foreclosure, there probably is not much chance you will get a loan for a home.
Check Greg's post and leave comments there.
If at first you don't succeed with your mortgage application, apply, apply again. Just because your loan was turned down by one bank doesn't mean it will be turned down by all of them.
Today’s topic is about not giving up.
This is probably a good life rule in general, but it should definitely be applied to your mortgage transaction. The reason behind this is called "investor overlays." When your loan is being underwritten, it’s being compared to a set of standards that are specific to your loan type.
Those standards can and will vary from lender to lender.