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Options If Your Loan Is Not Approved
A lender is required by law to explain in writing the reasons why your loan was not
approved. An important thing to remember is that if the lender declines your
loan application it does not necessarily mean that the purchase of a home is
not in your future.
You still have some options available:
- Consider another lender - You may want to research other lenders in
your area. Fees and loan options vary by lender. You may be able to find another
lender that offers more suitable loan packages or charges lower fees.
- Increase your Down Payment - If you can increase your down payment,
you will reduce the amount of money you have to borrow. This might help you
qualify for the loan.
- Contact local HUD Office - Check with your local HUD office about
additional programs and resources available to you, or
Click here
for a list of HUD programs available nationwide.
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