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Advice - Good Credit, no Approval

I have been denied 2x for a mortgage loan (in the last year). I have good credit (FICO 720), I have been at my job for 14 months and make $75k/yr. Prior to that I was self employed for 15 years and grossed $180k/yr. It is hard to prove some of my income but I have no basically no debt (DTI 10%) and my credit shows I have never been late on anything (I am 45 years old and oldest report is 22 years). I can not understand why I am being denied. I could use some advice or maybe what could be happening on my end. by bmcmahon288 from Ashford, Washington. 24 days ago Reply


Dave Skow (daveskow)
#1 ranked lender in Washington - 173 contributions

Thanks for the question ......is your resent 75K income base salary ? commission ? bonus ? if the income is set/ guaranteed - it should be usable for qualifying ...only the income that's is able to be documented can be used ...if any of the 75K income is varaiable / commission - its likely not usable until you have a 2 yr history receiving this ...more details about the income would be helpful ...what loan amount ? Dave SkowSenior Loan OfficerNMLS# WA 278613o. c.206.714.9745 f.877.412.25572200 6th Ave | Seattle, Washington 98121daveskow@eaglehm.comeaglehm.com/daveskow

24 days ago
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Fidelity Funding Corp. (FidelityFundingCorp)
#916 ranked lender in California - 3 contributions

Hi I will be able to get you approved. https://fidelityfundingcorp.com/ My Number is 877-212-8000 office direct, Rene Fidelity Funding

24 days ago
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,817 contributions

Not enough information here for anyone to properly answer you. The lenders are required to tell you the reason, and send a copy of the reason to you. So what did that say? Failing that, I would just contact a local mortgage broker in your area and apply again. For loans in MN, WI, and SD, reach me at iMortgageJoe.com or (651) 552-3681. NMLS 274132

18 days ago
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Dave Skow (daveskow)
#1 ranked lender in Washington - 173 contributions

any update ?

18 days ago
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,486 contributions

Without knowing more details, it's hard to advise.. but in general.. if your income is "variable"..meaning, commissions, bonuses, or tips.. then the lending rules require you have 2 years continuous employment in that field with that type of income for it to be considered.. When it comes to "Qualified income" if it's not on the tax returns, it doesn't exist... if you are hourly or salary, then you could get approved once you have 30 days of pay stubs.. Also, if you did a career change, then that could also require a 2 year waiting period.. again, without knowing it's hard to advise.. But regardless, your loan officer(s) should have explained why you were denied.. what did they tell you? . I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / LendUS, NMLS 1938/ AZMB0121893

17 days ago
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Dave Skow (daveskow)
#1 ranked lender in Washington - 173 contributions

12/6/2018Hi there ...I am following up to see if you were able to get the loan approval in place yet ? if you need any additional assistance - let me know ..thanks ...Dave Skow ..Eagle Home Mortgage ...206 714 9745...daveskow@eaglehm.com

8 days ago
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