Four Things That Prevent Clients From Getting A Mortgage And How To Fix It

Getting Mortgage Ready

  • Getting Mortgage Ready When you borrow money to buy your home, you apply for a residential mortgage. For some, this is an easy process. But for others, it can be painful and lead to rejection. So, what do you do if you are denied a mortgage? Or some tells you to fix your credit and come back? You get Mortgage Ready! In an effort to help buyers overcome roadblocks that prevent home ownership, Clients2Homeowners assembled services that are available directly to prospective homebuyers, as well as real estate agents and loan originators. There are four specific issues that commonly hinder clients from proceeding with a home purchase: Help With Credit Dealing with multiple credit problems is the primary issue that faces pre-purchase clients. Fixing credit issues requires attention to detail, interacting with creditors, and advocating for your rights. You also need someone in your corner that knows the system. Student Loan Debt Relief Student loan debt relief is a growing need as clients with student loans discover total payment amounts are often higher and can impede qualifying for a home. Clients don’t know they can refinance student loans, whether current or in default, to payments that are commensurate with their income. And government backed student loans are complex with a wide range of choices. Fortunately, you are not alone, and there are many options available for managing student debt and Getting Mortgage Ready! Home Down Payment Assistance (DPA) Availability of DPA funds is the 2nd highest client need. More and more prospective homebuyers find themselves competing with cash buyers and home flippers who don’t need seller contribution towards closing costs. Having a variety of DPA funds available helps these clients to be competitive in these instances. Budgeting For A Home Determining your budget is a balancing act:

  • What do you want?

  • How much do you need?

  • What can you afford?

  • What can you sacrifice?

These seem like simple questions, but when you start to evaluate what you want, need, can afford, and sacrifices, the questions become complex. That's why all HUD HCA’s have home budgeting help built into the organization education.

If you need help, visit or call 727-534-3445.

2020 created Feb. 2020