You worked for years to improve your credit score. You saved every penny you made and then moved in with your parents to save a few more. You surfed real estate listing sites until your Chihuahua could tell a Craftsman from a Rancher. After all that, you were finally awarded the distinction of being pre-approved for a mortgage. Then, the unthinkable happens — your loan doesn’t get final approval.

It’s time to flip the switch from panic mode to project mode. First, ask your mortgage professional why your loan fell apart. Then,

✔If the issue was the appraisal, work with your Realtor (Me👋) to ask the seller to reduce the purchase price.

✔If the issue was a change in lender guidelines, ask your mortgage broker whether they can submit your application to other lenders

✔If more down payment funds are required, either because your debt-to-income ratio is too high or your lender’s guidelines have changed, investigate whether you might qualify for any Down Payment Assistance Programs (DAPs) offered by your city or state.

✔If you’re still searching for down payment funds, explore whether it’s possible for you to borrow from your retirement accounts or ask family members for gift money.

✔If your credit score has dropped, review the report to ensure that no erroneous or fraudulent entries are dragging your score down.

Finally, just flat out ask your Realtor, mortgage pro and even your personal banker if they can think of any other financing alternatives.
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