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Qualifying Guidelines
You have found the perfect home in town, but finding the perfect financing has become elusive. After you completed the application process, your lender has turned you down, and you are upset. Can anything be done to turn around this setback?

It depends on why you were turned down. If your income is too low to satisfy one mortgage company, there might be another company with more liberal qualifying guidelines. If you have had credit problems, some lenders may be more willing than others to help you clear them up in a manner that satisfies their underwriters. If your loan runs into problems, sit down with the loan officer and your Realtor to investigate the possibility of using a different lender. The first company may be able to "assign" the package to a competitor, enabling you to use your same credit report and appraisal. You will need the cooperation of your sellers, too. While loan rejections are disappointing, they can have happy endings.

 
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