There are ways to turn the bad news around and get you into your new home.
It can be heartbreaking and demoralizing: You found your dream home, but your request for a mortgage is denied.
Before you give up, there are some things you can do to get approved — “no” doesn’t always mean all is lost. Homeownership can be a valuable long-term investment and wealth-building opportunity for you and future generations. But getting your foot in the door— actually buying that first home — can be tricky, especially for certain communities. In fact, Black and Hispanic customers actually get denied home loans almost twice as often as white customers.Get San Diego local news, weather forecasts, sports and lifestyle stories to your inbox.
Start by asking for a detailed explanation on why you were denied, which, by law, you are entitled to get. If you were denied because some information was missing or unverifiable, get it corrected as soon as possible. By providing a letter explaining anything the lender may not be clear about, such as reasons for gaps in employment, along with supporting documentation, you could salvage your loan application.
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