Can't Get a Loan? - Oro Valley Homes for Sale
Oro Valley Homes for Sale, Oro Valley Real Estate in Oro Valley Arizona AZ. Search Oro Valley Homes and Real Estate, Oro Valley Realtor Ian Taylor

There are common reasons why buyers are not able to qualify for a mortgage. 
Poor Credit Score
Your credit score, to a great extent, determines whether you will qualify for a loan or not. It also determines the interest rates and the mortgage insurance rate on a loan.
Not Enough Down Payment
Most home buyers fail to secure a mortgage because their lender requires a certain percentage as down payment plus reserves, and they have not saved enough. 
Too Much Debt
A lender will analyze how much debt you have, and how much of your income remains after you settle these debts. Your debt to income ratio is just as important as your credit score.
Lack of an Employment History
To showcase your employment history, you will have to provide a letter from your place of work as well as salary details for the period you’ve been employed. Lenders want to know whether you are capable of holding down a job for an extended period.
Unreliable Income Sources
This may occur more often with self-employed borrowers. If you fail to secure a loan because your income source is unreliable, you should talk to your mortgage broker on the best steps to follow. A simple letter with a good explanation of your sources of income can get you through the door.
As a buyer, it is important to understand these reasons so that you can know how to overcome them.