My home loan application was denied but I’m not sure why? Help!?

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I applied for a home loan. I’m a first time home owner wannbe 🙂 I applied for a home loan & was denied. The letter said I was denied by Dept of Housing & Urban Development & Federal Home Loan Mortgage Corp. Can anyone tell me what that means? My bank won’t be open tomorrow & I can’t find anything online. Thanks for any help.

What should I do? I need to pay my credit card. I make 4k a month take home. Please help me I am a Marine and need some advice. My credit card bill is accumalating 260.00 in intrest each month. Like I said just one credit card with Navy Federal and Mortgage loan with Navy Federal as well.

6 Comments
  1. Reply
    Age of Reason
    February 3, 2011 at 3:16 am

    poor credit, low income, too much debt, bank overdrafts. The list is endless.

  2. Reply
    redwine
    February 3, 2011 at 4:13 am

    The easiest thing would seem to try and refinance, and take out extra money to repay as much of the credit card debt as you can. Talk to your lender, they may be able to offer more flexible terms for military. tba

  3. Reply
    Kiran C
    February 3, 2011 at 5:12 am

    Try refinancing. That should give you breathing space but you will need to pay 800 a month to pay off your debt to resolve the problem. I do not know your expenses but you need to get a control of them. Set aside $ 1000 for emergencies and then look at your expenses to find the money to pay off your debt.

  4. Reply
    Beverly S
    February 3, 2011 at 5:58 am

    Check into a VA refinance. DO NOT go for a 3% loan that someone is trying to give you on here. That is a SCAM- or an adjustable rate mtg. You have enough equity to do a VA refi. & get a fixed 30 year loan with no mortgage insurance.
    Good luck!

  5. Reply
    stan c
    February 3, 2011 at 6:42 am

    $ 30,000 is a lot of money to owe on credit cards.It would be foolish to refi your first mortgage if halfway through but’s it’s the only option a can see. I would get a 30 year fixed rate mortgage open end which means you can pay it back any time and not be panelized. Also request an amorttization so it will give you a break down between principle/interest. Also cancel your credit cards. You can alwayas get a ecured card card from your bank.

  6. Reply
    Janet
    February 3, 2011 at 7:07 am

    You have credit card debt, and you wan to pay it off as quickly as you can. We will assume that you are going to stop creating more debt. You have changed your ways. You also understand that paying credit cardIf you are serious about getting those debts paid, you may have to eat $ 4 frozen pizzas for now. Do what you have to do, and determine how much you can apply towards the debt each month.

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