We got denied on out loan application, should we try again?
My partner and I got denied on our loan application due to DTI I suppose. We applied for a $365k home. My partner made $110k last year. We have a joint account and can put down up to $50k. Credit scores are in the 600s to 700s. We only have car payments by the way. Should with try our luck with other lenders and see what we can get? by brittany134 from Alexander, New York. Nov 23rd 2022
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
There isn't enough information here for anyone to answer you specifically. But the typical person can qualify for a loan amount about 4 times their yearly income. So $110k/yr x 4 = $440,000 loan amount. This is BEFORE we start subtracting for debt, like car loans, credit cards, student loans, etc. Your Loan Officer should have told you exactly why you were denied. Sadly, way too many Loan Officers are just glorified application clerks and leave a lot to be desired. I strongly suggest applying again with a local mortgage broker to get a second opinion. I lend on all loans, including these alternation (known as Non-QM loans) in WI, MN, IA, ND, SD. | Cambria Mortgage | Wi-MortgageBroker.com/quick-quote | NMLS 274132
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