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About 8% of mortgage applications were rejected for single-family homes in 2019, according to the latest available data supplied by lenders to the federal government under the Home Mortgage Disclosure Act.

Reasons for the denials:

  • High debt-to-income ratio (35%)
  • Poor credit history (22%)
  • Lack of collateral or LTV (18%)
  • Incomplete applications, insufficient cash, unverifiable information and spotty employment history (15%)

 

Many rejected applicants narrowly missed qualifying for a home loan, while others received less-than-desirable mortgage offers. Fortunately, both groups may be eligible for better mortgage options. All it takes is a little knowledge.

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