I got denied on my application, should I try again?

Of course ....make sure you ask prev lender what your debt/income was and also what this needs to be in order to be approved ( often this is 49% )

Depending on how thorough your previous lender was, you may want to apply with a new one (like me) to get a 2nd opinion. For example: How much money do plan on putting down? If you have 20%, it would make more sense to pay off some debt and put less down. | John Burke | Senior Mortgage Banker | Lending in ALL 50 states |Stride Bank | jburke@stridebank.com | (877)228-9069 | NMLS# 787231 |

Generally speaking, the typical person can qualify for a loan amount about 4 times their yearly income, So $100k/yr income X4 = $400,000 loan amount. There is wiggle room here, but this gives you a quick idea. From there, we start subtracting from that loan amount based on the minimum monthly payment of any debt. Student loans are another common problem. If they are currently deferred, we will still count a payment, typically 1/2% of the outstanding balance. No one here can really answer your specific situation without reviewing an application. I lend in Iowa, WI, MN, ND, SD. Find me at JoeMetzler.com | Cambria Mortgage | NMLS 274132