What To Do After Getting Turned Down For A Mortgage In Florida
Mortgage rates in Florida are currently in the 3-percent range, which has been turning into three-year lows for Florida. Current renters are finding that it may be less expensive to buy a home than to continue to rent. With the current mortgage rates in Florida, most applicants will be approved, though some will not. NSH Mortgage, a Florida mortgage lender, knows what to do after getting turned down for a mortgage in Florida, and can offer solutions such as an FHA Loan.
What Should I Be Doing Different After Getting Denied For A Florida Mortgage Loan
Follow the following steps to assure yourself of getting approved in today’s mortgage market, and to know what to do after getting turned down for a mortgage in Florida.
Ask Why Your Loan Was Turned Down
After getting declined on your first mortgage, a Florida mortgage lender will need to send you a detailed denial letter. This will have a list of why the mortgage application was turned down. This letter is currently referred to as the Adverse Action notice, or Statement of Denial.
Unfortunately, the Statement of Denial letter is not always clear on the reasons of decline. It sometimes may use language that the consumer is not familiar with. Mortgage terms are not always the easiest to understand, and this does not become any clearer in a mortgage notice.
Due to these letters not being easy to read, it is a good idea to contact your Florida mortgage lender. NSH Mortgage will be able to take the time and explain exactly why you were declined for your Florida mortgage loan.
Popular Reasons For Being Denied On Your Mortgage Application
- Your FICO credit score is too low, or you do not have enough credit history
- You do not show or have enough funds available for the down payment
- Your debt-to-income ratio is too high to be approved
- Your loan-to-value ratio is too high to be approved
Regardless of the reasons, there is always ways to fix these problems. It may take a little time, but NSH Mortgage can help fix these issues. We will get you setup for your next mortgage application in Florida.
Do Not Get Denied A Second Time On Your Mortgage Application
Have You Looked At Different Loans Available, Such As A FHA Loan In Florida?
A very popular loan for consumers with lower credit scores, not enough money to put down 20 percent on their home, or other reasons, is the FHA loan. The FHA loan allows homebuyers to put down as little as 3.5 percent on their new home.
If you are interested in learning more about an FHA loan in Florida, we have written a variety of articles on this loan type below:
If you would rather talk to someone live, you can call NSH Mortgage at 800-360-3813 to discuss FHA loans in Florida.
Raise Your FICO Credit Score
If your credit score is just a few points off of the targeted value, NSH Mortgage can advise a few ways to help increase it. We can do this through a term called a rapid rescore.
A rapid rescore can raise a homebuyer’s credit score by more than 100 points in the matter of days.
By using a rapid rescore you will not be wondering what to do after getting turned down for a mortgage in Florida, but instead have a quick way of fixing at least one of the issues.
Solutions For What To Do After Getting Turned Down For A Mortgage In Florida
Home loans are currently available in Florida at super inexpensive levels. Mortgage rates are continuing to drop, and have for over 3 years. If you are looking for how to check your home buying eligibility, give NSH Mortgage a call today. We can discuss live over the phone how much home you can afford, and how to get you your own Florida mortgage today.
After speaking with NSH Mortgage, and finding out there are other solutions, such as an FHA Loan, you will not be wondering what to do after getting turned down for a mortgage in Florida again.