The mortgage and housing crisis of 2008-09 led to far tighter financial regulations for banks and lenders. It’s only natural to believe a mortgage lender when they say something about your mortgage application led to it being rejected. I mean, why would someone whose entire job is to give you money tell you they can’t if they can? But no doesn’t always mean no. Here’s why.

Not all mortgage lenders are created equal, nor are all financial institutions able to do all the same programs. We all know about the major types of loans, such as FHA, conventional, VA, and even the occasional USDA. There’s also down payment assistance grants, portfolio loans, and hard money lenders/private loans.

Most lenders have access to all the same programs, and remember bank lenders and mortgage brokers are not the same thing. But because you’re rejected by one lender doesn’t mean you don’t qualify; you may be able to get approved by someone else. You can have your credit pulled by as many lenders as you want and it only counts as one, the credit bureaus consider it ‘shopping around’. Secondly, credit unions can offer things even mortgage brokers can’t. They have the ability to sort of write their own mortgage requirements, especially for their members.

So just because you’re rejected one place, don’t be discouraged. There’s a chance you can still get approved with a little creativity.

So if you’re in the market to buy a home, Schedule a phone call with me to get the process started! I can help you get set up with mortgage and insurance people to make sure you’re able to buy a home and have the best coverage.

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You can also get a copy of my Home Buyers Handbook when buying to learn about the process!

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