If Denied, Try, Try Again
Almost one-in-four home purchase applicants is denied, according to mortgage software company Ellie Mae. Even more homeowners are turned down when it comes to refinance applications — more than 30 percent.
Not all lenders are created equal, though. Some banks, credit unions, and mortgage brokers do things that others can’t.Many times, it’s all about finding a knowledgeable lender that thinks outside of the box.
Don’t lose hope just because you have been turned down in the past.Following are true stories of successful home buyers who got mortgage-approved with American Mortgage Corporation despite being told “no” the first time.
Turned Down Because Of Low Credit Scores
Until recently, Ted and his wife Brenda, along with their three children, had been life-long renters.They did not rent simply because they enjoyed renting. They rented because Brenda was a stay-at-home mom, and with just one income.
Their budget didn’t extend far enough to cover their monthly bills.As a result, there were times where they were forced to live off of their credit cards. A couple of late payments and a few maxed out credit cards took a toll on their credit scores.
Ted’s credit score was 577. His bank turned him down due to his less-than-perfect FICO. Fortunately, thanks to a lender’s credit analyzer program, Tim was able to get a detailed game plan on how to get his credit scores up.
Eager to become homeowners, Ted and Brenda followed American Mortgage Corporation’s instructions to the “T”. All they had to do was pay down a couple of credit cards, and transfer a balance from one card to another.
With the help of a American Mortgage Corporation, they saw immediate results. In less than one week, Tim saw his credit score jump almost 50 points!
With Ted’s credit score now at 625, Tim and Brenda went home shopping that very weekend. They found their dream home, made an offer, and moved into their new home just 30 days later.
Being denied by one lender doesn’t mean you’ll be denied by every lender. There may be a number of loan programs available that may fit your situation. You just don’t know about them yet.
Don’t give up just because you’ve been turned down. Try, try again.