Turned Down with 700 Credit Score?

Recently I met with what seemed to be  very well qualified home buyer in Woodbridge, VA.  She and her husband are move up buyers from a condo to a single family home.  They had been pre-approved for mortgage financing by two other lenders already. Once Mrs. J ratified a contract she was actually turned down for the mortgage by one of the lenders, ouch. Even with plus 700 credit scores, money down and stable employment...how can this be?

I went on to explain that it really depends on who you choose to represent you and why this could happen to even the most qualified buyer:

  • First Lender- the credit union, offers great rates, but is very conservative about debt to income ratios and strictly following their loan guidelines. Of which they actually turned her down because her loan amount at time of contract exceeded the inital pre-approval
  • Second Lender- the Big Name Banks could work out if you want, again, conservative guidelines and less personal service, such as communication by email only and only during banking hours.
  • Third Lender- Yours truly, Woodbridge Mortgage Lender, of the three had the highest approval amount and  closed the loan although her ratios were higher than the guideleine. She also appreciatd the abilty to get answers fast, even after (banking) hours.

 

"It really depends on who you choose to represent you!" If you are looking for  a mortgage and the following are important, give me a call, 703-497-3936.

  1. Flexibility on debt to income ratios
  2. Open Communication (even after hours)
  3. Local Accountability (come to my office)
  4. Competitive Rates

 

 

Contact Markita Aldridge-Woods at (703) 929-2274 or via email for custom tailored mortgage solutions.

 

www.queenofmortgages.com

Let's stay connected:

Let's Connect!   LinkedIn  Twitter  My YouTube Channel...Tune in to Mortgage Queen TV  

Powered by Fairway Independent Mortgage, NMLS#2289, Equal Housing Lender

Comment balloon 3 commentsMarkita Woods NMLS#196099 • October 15 2012 07:07AM

Comments

Important to have a Lender on your side locally that understands their clients needs and situation. great job of being flexible and explaining the situation to this client

Posted by Brian Kuhns, Fort Wayne Real Estate by Brian Kuhns (Coldwell Banker Roth Wehrly Graber) about 6 years ago

Markita definitely gets it done. She gotten a few tough ones through for me. She really goes the extra mile!

 

Posted by Carol McCarthy, ABR (Realty World Select) about 6 years ago

Thanks Carol for stopping by!

Posted by Markita Woods NMLS#196099, Queen of Mortgages - FHA, VA, Conventional, USDA (Fairway Independent Mortgage) about 6 years ago

Participate