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How soon can we re apply for a loan if we wee declinced because of income?

Will other lenders know about us begin declined before? by linda_rich327 from Sacramento, California. Jan 8th 2015 Reply


William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,722 contributions

I would need more info to properly answer your question, but in general, guidelines dictate how to calculate a borrowers income. It's unlikely that a different lender will calculate it differently, so unless something within your income has changed, or your monthly debt has decreased, then your likely to be declined again.. When things do change, you can apply right away.. there is no waiting period, but understand that the new lender will know you have been talking to another lender because of the credit report inquiries.. you will have to tell the new lender why you applied with them and if any new debt was issued.. whether or not you were approved will not need to be explained.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Jan 8th 2015
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Giovanni Aranda (GioAranda)
#917 ranked lender in California - 30 contributions

Hi Linda, You can apply right away but if you have not had an increase in income, decrease in monthly obligations, increase in down payment or if you are not reducing the loan amount you are requesting I do not think there would be a different outcome. Another option that may help is if you now have a co borrower. You can contact me if you have additional questions as well at (619) 669-5518. Giovanni Aranda.

Jan 8th 2015
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#78 ranked lender in Florida - 2,240 contributions

If your debt to income was the reason you were declined, you can apply with another lender right away, as some lender guidelines are more stringent then the actual program guidelines from Fannie or Freddie underwriting guidelines. That being said full disclosure of your current situation would allow another lender to let you know if you have a shot. I would caution you to be 100% forthcoming with the next lender as to why you were declined originally as this will save both of you time and money.

Jan 8th 2015
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,930 contributions

Assuming the previous lender did things correctly, your income, or loan amount, or something would have to change before bothering to apply again. You should get the same answer.

Jan 8th 2015
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Jericho Cherry (Jerichocherry)
#56 ranked lender in Virginia - 1,107 contributions

You can re-apply right away, but if your income has not change you will probably run into the same situation.

Jan 8th 2015
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Dave Metsker (DaveMetsker)
#37 ranked lender in Oregon - 2,317 contributions

No waiting, but be sure you have additional sources of income that can be verified.

Jan 8th 2015
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Sherrie Clark (loansbysherrie@yahoo.com)
#949 ranked lender in California - 1 contribution

Hi Linda, You pose a great question. You can apply whenever you like but just because you apply doesn't mean you will have a different outcome. There are many factors you must deal with. I have a program that if you are self employed you can use business bank statements! If your property is a great property and there is a ton of equity I may have another program that would work for you. Please feel free to call me anytime. Sherrie Clark 707-480-8655

Jan 8th 2015
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