I have been pre-approved for a loan before I sent my tax return, immediately after I sent my return i was refused?

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I was a pre-approved mortgage before the lender have my tax return if they were i was refused, but was told when I got to get a shipper I approved was received on cosignor and then, lenders I talk to him cosignor and then they denied me is something I can do

3 Comments
  1. Reply
    prosey
    May 2, 2011 at 5:41 am

    Yes. Visit the closest USA HUD (housing and urban development) office in your area by visiting HUD.gov website for contact information. HUD will give you a list of housing counseling agencies. there is one that serves your area. at the housing counseling agency, some one will help you become mortgage ready and show you loan products that meet your needs and they help you put together a plan for saving, etc. and their services are FREE! some housing counseling agencies (such as the one where I work) can help you apply for the loan.
    My best advice? SAVE SAVE SAVE. You will need 10% (minimum) for downpaymen/closing costs. you may qualify for a USDA loan
    all my best.

  2. Reply
    Landlord
    May 2, 2011 at 6:21 am

    You need a better co-signer. The co-signer needs enough credit and income to cover your house as well as their own.

  3. Reply
    G. Whilikers
    May 2, 2011 at 7:14 am

    Not really. Banks ALWAYS leave themselves a way out, and in this case they are not only covering their butt but indirectly doing you a huge favor by not letting you bite off more than you can chew (as they see it).

    As far as the cosigner goes, please don’t take it as an insult. He not only has to be able to trust you to keep up your payments, but be prepared to step in if you can’t. For someone who hasn’t paid for his own house yet that could mean being stuck with *two* mortgage payments every month.

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