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why is my approval so low?

Having a hard time getting approved for a ARM loan over $250k. I have applied 2x, once in May, 2018 (approved for $218) and the last time in December. The last approval was $248k. My credit score is 640. I make $169k/year including bonus. I have student debt and some CC, about $6,988/month. I am a full time server and also work part time as a cab driver on South Beach. Can anyone give me some tips how I can qualify for more? Thanks. by chrwin92 from Miami Beach, Florida. Jan 28th 2019 Reply


Ralph Richard Guertin (ralph@absolutelowrates.com)
#135 ranked lender in Florida - 792 contributions

Call me 18 years helping South Floridians, I can finds income that most miss and I can package the deal like no other, to get you the best deal possible. Ralph Guertin Ralph.guertin@myccmortgage.com or 954-274-7725

Jan 28th 2019
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,683 contributions

More info needed, but in general, the rules are very specific on income.. Are you hourly? Salary? Paid Commissions? As far as the Bonus's go, have you been receiving them for 2 or more years? The 2nd job of driving a taxi, have you had that for 2 years? is your last 2 years bonus or taxi income increasing or decreasing? Do you claim the Taxi income on your taxes? So much info is needed to analyze income that we really need to see the full picture before we can properly answer you. The best advice I can give you is to contact a mortgage banker/broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with a Banker/Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the banker/broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the big box banks. 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

Jan 29th 2019
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