Mortgage Forum

Mike

I'm tring to get a home loan for 35,000 the house needs work flooring (not sub floors),needs an ac unit needs a water system for the well.The problem is I need 55,000 to repair before I can move in.I've been at my job for 8 years,my score is about 620,why am I having a hard time getting a loan. ps the property aprased at 147,000 at zillow.com

Zino

It's a strange one, are any of these lenders giving an indication on "why" they don't wish to take you on?

I'd contact the lenders who have knocked you back and ask them, what would i need to do in order for you to take me on? You say the house needs repair to be fit to live in, maybe this is why. I'm not sure about your current living arrangements or expenses, but possibly your budget doesn't extend to cover the mortgage costs as well as your current rent while the repairs are being carried out.

But definitely ask some questions to determine why they don't see you as being suitable for the loan.