5 Reasons Your Conventional Loan might be denied in Farmington Hills Being turned down by a lender when trying to find the “best mortgage near me” can be extremely disappointing, especially if you’ve already been pre-approved. However, it still isn’t a reason to give up hope on that conventional loan. While there are several reasons that a conventional loan may get denied, there are also strategies that will enable you to avoid any future denials. So let’s start with the 5 primary reasons your conventional loan may get denied: • changing jobs just prior to applying for a loan • insufficient credit or lack of a sufficient credit history • excessively high DTI, insufficient income • large, unexplained deposits that may have to be paid back • major issues on a home inspection report Fortunately, there are several things you can do if your get denied. Talk to your lender and find out why you were denied (they’re required by law to provide that information. Monitor your credit for errors and work on improving your credit score. Pay down as much of your debt as possible but keep your accounts open with minimal balances. Make sure that you avoid opening any new credit accounts while at the same time not using your current credit. https://www.google.com/maps?cid=17636774335061292863