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Denied After Conditional Mortgage Approval

1. How To Avoid Getting Denied For Mortgage After Conditional Approval
* Can borrowers refuse a mortgage after conditional approval?

– In the mortgage world, there is no guarantee that the transaction will be closed until it is closed and financed
– There is no reason why borrowers cannot close their initial approval
– The most important reason for refusing credit and/or last-minute stress during the mortgage process is that borrowers were not qualified enough

2. What Is A Conditional Loan Approval?
* A conditional approval is when the mortgage loan underwriter has reviewed all of the mortgage documents.

– Mortgage Application, Credit Scores, Credit Report, Two years tax returns, Two years W-2s, Recent bank statements, Verified borrower’s employment, Letters of Explanations, Bankruptcy and/or housing event docs, Divorce decree if applicable

3. Can I Re-Apply For Mortgage If Denied?

Over 75% of our borrowers are people who could not qualify from another lender or be rejected at the last minute because of overlays. Or they were refused at the last minute because of inadequate qualifications.

– Gustan Cho Team at Loan Cabin Inc. there are no lenders overlays
– We are experts in creative financing
– We can help borrowers who have difficulties in qualifying for a mortgage elsewhere
– The minimum creditworthiness rating eligible for an advance of 3.5% FHA Loans is 580
– There are no requirements for a minimum creditworthiness assessment or debt to income ratio ceilings at VA Home Loans
– We just follow the automatic findings of Fannie Mae and/or Freddie Mac
– We don’t have overlays for FHA loans, VA loans, USDA loans, and conventional loans

For quick initial approval, click DOWNLOAD NOW APPROVED ENTRY or email us at gcho@loancabin.com or call 262-716-8151. Or write to us for a faster response. Our support and licensed staff are available 7 days a week, including holidays.

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