What to Do if You’re Rejected for a Mortgage

Rejected for a MortgageLenders have been much stricter lately when it comes to giving out home loans.

A person could previously get a home loan much easier than nowadays. Many people have been denied a home loan for various reasons. Here are the top reasons potential homebuyers are denied a mortgage:

Insufficient income

This reason is fairly obvious, but it was somewhat common, pre-housing crash, to lend to people who didn’t have sufficient income for a few years. It was common to lend to someone who had just received a promising new job, but didn’t have the money during the application process. People thought they could afford more house than what they really could. Now lenders want to ensure the applicant can afford the home they are attempting to purchase. Lenders typically look at the past two years’ employment history. If there is an employment gap in the past two years, it is likely the application will be denied.

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