Options If Your Loan Is Not Approved

A lender is required by law to explain in writing the reasons why your loan was not approved. An important thing to remember is that if the lender declines your loan application, it does not necessarily mean that the purchase of a home is not in your future.

You still have some options available

Don't give up the dream of home ownership. There are other ways to get the loan you need to buy your home.

• Consider another lender - You may want to research other lenders in your area. Fees and loan options vary by lender. You may be able to find another lender that offers more suitable loan packages or charges lower fees.
• Increase your Down Payment - If you can increase your down payment, you will reduce the amount of money you have to borrow. This might help you qualify for the loan.
• Contact local HUD Office - Check with your local U.S. Department of Housing and Urban Development (HUD) office about additional programs and resources available to you, or Click here for a list of HUD programs available nationwide.