Trying to get a construction loan but can't get approved. What are we overlooking?
Did they say why no loan?
are your ratios out of whack?
You realize you are leaving out details right op? My credit score is over 800 but I can't get a loan for $10 mil.
Your income and downpayment in the least are missing.
Credit score is just that....a score. It is not the only factor when getting approved for the loan.
You're doing it wrong. Those scores shouldn't affect you unless you have a ton of debt.
Did you have a foreclosure or bankruptcy in the past few years? Or maybe debt to income ratios are out of whack.
Whats your total household income? And whats your current monthly debts (any loans and minimum monthly payment amounts on credit card statements)? Your monthly debt payments (including the new construction loan you're trying to get) can usually only be around 40-45% of your monthly income.
Ask the company that denied you.
my guess is debt to income is too large for what you are trying to get. You can have a high credit score with a large DTI ratio as long as you make all your payments on time. It is just hard to get more credit at that point.
Do you use credik or debik for most things?
Nothing pisses me off more than a drive by poster as an OP.
as a mortgage loan officer your missing alot of info. Construction loans have strict DTI guidelines and reserve requirements . If you trying to act as your own contractor there is another whole set of requirements. You need to ask these questions to the loan officer your applied with.
We were approved for well over the amount needed. At the last minute we were told that my wife's student loans were the issue. Trying to get it resolved but is frustrating.
Back in 2013 her student loans were sold to another company with no notice so it did cause an issue then but she has been on time since with no late payments. I could pay her student loans off now and be done with it but that may not fix the issue.
Back in 2013 her student loans were sold to another company with no notice so it did cause an issue then but she has been on time since with no late payments.
May require manual underwriting depending on how bad the lates were. Try another bank.
Yeah if it's been 3 years I would think there's a bank out there that would excuse it.
Oh, why must we harp on minor details?