Getting a home loan is not a sure thing, even when you’re the wealthiest person in the planet.

Getting a home loan is not a sure thing, even when you’re the wealthiest person in the planet.

As well as for those who have an ideal 850 FICO score.

You will find a ton of underwriting instructions that needs to be met to be eligible for a true mortgage, both for the debtor additionally the home. Therefore perhaps the many borrower that is creditworthy nevertheless come across roadblocks as you go along.

The other day, the Federal banking institutions Examination Council (FFIEC) released Residence Mortgage Disclosure Act (HMDA) information for 2012.

Though mortgage financing had been up a large 38% from 2011, there may nevertheless huge number of declined home loan applications.

In reality, the top mortgage company in the usa, Wells Fargo, denied 84,687 associated with 399,911 house purchase applications it received (21.2% rejection price), including the ones that had been pre-approved, according to a Marketwatch analysis. More →