Perhaps you’re nervous about applying for a home loan. There’s good reason. Lenders’ requirements have gotten tougher, down payments higher and interest rates keep creeping up. But getting a loan today is easier than you might expect.

Be aware that there are many reasons that lenders cannot use to turn you down for a loan. If you are otherwise qualified for a home loan, a lender cannot reject your application for these reasons:

  1. If a female applicant is pregnant.
  2. If you are on paid family leave from your job.
  3. Based on your race, color, religion, sex, national origin or disabilities.
  4. Based on family status.
  5. Your reliable income is from part-time employment, Social Security, pensions and annuities.
  6. Your reliable income is from alimony, child support or separate maintenance payments.

If you are denied a mortgage, your lender must outline exactly why you were rejected. Acceptable reasons include “your income was too low” or “you haven’t been employed long enough.” Unacceptable reasons include “you didn’t meet our minimum standards” as that reason is not specific enough.

If you are wrongly denied a mortgage, contact the lender to reconsider your application. In addition, consider contacting your state’s attorney general office to see if state laws were violated and contact the appropriate government agency.¬† kaybaker@associates@ec.rr.com
or 910-202-3607.  Find us on www.cbbaker.com