Mortgages Denied For No Reason
I am not sure I would agree with the articles headline of “no reason” but this is why you need to deal with a mortgage expert who does their due diligence and knows their guidelines. It doesn’t matter how great your credit, income, or assets are anymore, anything can and will go wrong with a loan. The article only contains a few.
Fannie Mae & Freddie Mac, the mortgage giants who make the rules, don’t like condos and especially in Fort Lauderdale and South Flordia. If a client is looking to buy a condo I explain to them what is involved, how it can be more difficult, what needs to be done once they find a place they are interested in, etc.
An underwriter can make an error and deny a loan, remember, they are human beings and make mistakes too. If you don’t know the guidelines or don’t have experience you won’t get it approved. This can happen quite often with so many changes and so many rules.