The Top 3 Reasons Mortgage Applications Are Rejected
According to a new article on Forbes.com, one of the main reasons that mortgage applications are denied in the U.S. is high debt-to-income (DTI) ratios. Approximately one in four mortgage applications is turned down for this reason. Most mortgage lenders are looking for a DTI below 45%, although Fannie Mae has recently increased its maximum DTI to 50%. Credit history was another leading reason mortgage applications are rejected, accounting for 26% of denied applications, followed by not have enough collateral or home value, 17%. To learn more about these three reasons mortgages are denied, read the full article.
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