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Started By
Message
Wife has a credit score of 750 and mine is 710. Can’t get a loan
Posted on 2/7/19 at 10:08 pm
Posted on 2/7/19 at 10:08 pm
Trying to get a construction loan but can’t get approved. What are we overlooking?
12
Posted on 2/7/19 at 10:16 pm to shoelessjoe
Debt? Low income?
Posted on 2/7/19 at 10:41 pm to AUCE05
Posted on 2/7/19 at 11:07 pm to shoelessjoe
Did they say why no loan?
Have you shopped around?
Have you shopped around?
Posted on 2/7/19 at 11:26 pm to shoelessjoe
are your ratios out of whack?
Trouble proving income?
Credit score is important but not the only factor in mortgage underwriting
Trouble proving income?
Credit score is important but not the only factor in mortgage underwriting
Posted on 2/8/19 at 6:03 am to shoelessjoe
You realize you are leaving out details right op? My credit score is over 800 but I can’t get a loan for $10 mil.
Your income and downpayment in the least are missing.
Your income and downpayment in the least are missing.
Posted on 2/8/19 at 6:14 am to shoelessjoe
Credit score is just that....a score. It is not the only factor when getting approved for the loan.
This post was edited on 2/8/19 at 6:14 am
Posted on 2/8/19 at 6:26 am to shoelessjoe
You're doing it wrong. Those scores shouldn't affect you unless you have a ton of debt.
Posted on 2/8/19 at 7:54 am to shoelessjoe
Credick score
Posted on 2/8/19 at 9:53 am to shoelessjoe
quote:Did you have a foreclosure or bankruptcy in the past few years? Or maybe debt to income ratios are out of whack.
What are we overlooking?
Whats your total household income? And whats your current monthly debts (any loans and minimum monthly payment amounts on credit card statements)? Your monthly debt payments (including the new construction loan you're trying to get) can usually only be around 40-45% of your monthly income.
Posted on 2/8/19 at 10:27 am to shoelessjoe
Ask the company that denied you.
Posted on 2/8/19 at 10:47 am to shoelessjoe
quote:
Trying to get a construction loan but can’t get approved. What are we overlooking?
my guess is debt to income is too large for what you are trying to get. You can have a high credit score with a large DTI ratio as long as you make all your payments on time. It is just hard to get more credit at that point.
Posted on 2/8/19 at 10:49 am to shoelessjoe
Do you use credik or debik for most things?
Posted on 2/8/19 at 12:13 pm to TDsngumbo
Nothing pisses me off more than a drive by poster as an OP.
Posted on 2/8/19 at 12:18 pm to AUCE05
Posted on 2/8/19 at 12:43 pm to shoelessjoe
as a mortgage loan officer your missing alot of info. Construction loans have strict DTI guidelines and reserve requirements . If you trying to act as your own contractor there is another whole set of requirements. You need to ask these questions to the loan officer your applied with.
Posted on 2/8/19 at 6:19 pm to Warfarer
We were approved for well over the amount needed. At the last minute we were told that my wife’s student loans were the issue. Trying to get it resolved but is frustrating.
Back in 2013 her student loans were sold to another company with no notice so it did cause an issue then but she has been on time since with no late payments. I could pay her student loans off now and be done with it but that may not fix the issue.
Back in 2013 her student loans were sold to another company with no notice so it did cause an issue then but she has been on time since with no late payments. I could pay her student loans off now and be done with it but that may not fix the issue.
Posted on 2/9/19 at 10:16 am to shoelessjoe
quote:
Back in 2013 her student loans were sold to another company with no notice so it did cause an issue then but she has been on time since with no late payments.
May require manual underwriting depending on how bad the lates were. Try another bank.
Posted on 2/9/19 at 11:04 am to LSUFanHouston
Yeah if it's been 3 years I would think there's a bank out there that would excuse it.
Posted on 2/9/19 at 2:47 pm to baldona
quote:
You realize you are leaving out details right op? My credit score is over 800 but I can’t get a loan for $10 mil.
Oh, why must we harp on minor details?
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