Lender won't approve due to tenure despite lockdown
My husband and I worked in the same casino for a decade. We have never been late on payments with credit scores between 780 and 820. We owe less than $2k on credit cards and no car loans. We tried applying for a refinance on our home and get locked in for a 3.99% interest rate. The lender denied our application since we didn’t work enough the past few years due to the lockdowns. Are there other lenders we can work with? by casinoroyale714 from Las Vegas, Nevada. Jul 22nd 2022
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
Lenders have what is known as "stability of income" guidelines. Sadly COVID really messed stability up for a lot of people. There are too many variables to properly answer here, but just understand for a lot of people, lenders have ended up using an average income of the past two years, causing some people to not qualify. The good news is most of those COVID related issues have gone away, and people are back to normal hours. I'd suggest reaching out to another lender for a second opinion. I lend for properties in MN, WI, IA, ND, SD. Find me at Wi-MortgageBroker.com - Cambria Mortgage, NMLS 274132
John Burke (jburke)
#27 ranked lender in Texas - 321 contributions
I have a client in the exact same boat in Las Vegas and we just got his loan approved.| John Burke | Senior Mortgage Banker | Lending in ALL 50 states |Stride Bank | jburke@stridebank.com | (877)228-9069 | NMLS# 787231 |
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