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Nothing is more devastating for buyers than learning they're unable to qualify for a mortgage. Just one negative item on a credit report, such as being more than 30 days late with a payment, can cause either rejection of a mortgage applicantion or loan approval at an above-market interest rate.
Here are the primary resons applicants are "declined" for mortgages:
1. No credit file (usually because the applicant pays cash and has litttle or no established credit);
2. Insufficient information in the applicant's credit file;
3. Insufficient income;
4. Short time on the job--at least two years in the same field are usually required by most lenders;
5. Slow pay and/or poor credit history indicated by a low FICO score;
6. Judgements, garnishments, liens or past bankruptcy;
7. Accounts sent to collection agencies;
8. Current bankruptcy, which is not discharged;
9. Foreclosure; and
10. Repossession (usually an automobile or furniture).
The good news is that borrowers can often overcome poor or insufficient credit by establishing a timely payment or rent and utilities and actively working to clear up delinquent payments.
