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.