A slideshow presentation on MSN.com explains some of the factors that can make a person unable to qualify for a mortgage. Bill Briggs of SwitchYard Media says that the days of Zero Down, and instant on-line approval are a thing of the past. The Federal Reserve reports that nearly a quarter of the people who apply for home loans are denied.
These are some of the hurdles home-buyers will have to get over to qualify for a mortgage:
- Lending institutions are asking for mountains of documents to prove your financial stability.
- The applicant may face invasive questions from the potential lender — for example, a large cash deposit in an account may be questioned: Was it a gift or was it a loan?
- The slideshow explains 10 factors that can jeopardize your efforts to obtain a mortgage and/or can just plain put the kibosh on it. Some of the things on the list involve actions you should avoid during your mortgage-hunting process.
See What Makes You Unmortgageable on the MSN.com website here. [Last accessed on December 8, 2012]