“Turned Down Mortgages”
There is probably nothing more embarrassing when a banker gets turned down for a mortgage, by the bank she works for. Actually, this is the second time in a month, I have had bankers that have been turned down for mortgages, by their own employers. How sad, but good for me.
These folks were buying their first home, never thinking they would have any difficulty getting a mortgage, especially since the bank did a preapproval letter for them.
The bank said their debt ratio was too high, so they could not approve the mortgage. They felt the ratios are too high at 47%. They wouldn’t count the husbands overtime, because his overtime in 2010 was less than it was in 2009. They said because it was less in 2010, they wouldn’t average the two years. Here is what is wrong with the banks findings. In 2011, he has already earned more year to date than all of 2010. The bank didn’t want to hear this information.
The solution, we averaged the last 6 months of 2009, all of 2010 and the first 6 months of 2011. The debt ratio was now 42% and a very easy loan to close.
Joe Petrowsky, NMLS #6869
Right Trac Financial Group, Inc. NMLS #2709
110 Main St.
Manchester, Ct. 06042
Office: 860 647-7701 x116
Fax: 860 647-8940
Cell: 860 836-9294
Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.
Equal Housing Statement: We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing becuase of race, color, religion, sex, handicap, familial status, or national origin.