Have you ever been denied a mortgage and the bank or lender doesn't give you a clear reason as to why? Here are the 3 most common reasons we see people denied a mortgage: 

1. Credit - Many people are denied because they have low scores or simply don't have enough credit. Sometimes, it isn't even about the scores, but also because they have a thin credit profile. But many times, they either have a lot of collections or maybe their credit card balances are simply too high. This is a red flag for all banks and lenders who are considering whether or not to lend you more money. 

2. DTI - Debt to Income - Debt to income is where the bank looks at your total gross income and compares it with your total monthly expenditures that report to the credit bureaus. The more expenses you have that report, Car notes, credit cards, student loans, etc... the Higher your Debt to Income ratio is, and the riskier you look to a lender. 

3. Lack of Assets - If you do not have enough money for your down payment and or closing costs, you will not be able to close or even be approved for your mortgage. Assets are considered to be any accounts that consist of your money. Checking / Savings accounts, IRA, 401K, 403B, or even some sort of deferred compensation or retirement plan are all considered accounts that are your money. If you do not have sufficient funds in an account, you may not qualify.

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