Getting home financing is not a certain thing, regardless of if you’re the individual that is richest in the planet.

Getting home financing is not a certain thing, regardless of if you’re the individual that is richest in the planet.

And also for those who have an ideal 850 FICO score.

You will find a huge amount of underwriting instructions that must definitely be met to be eligible for mortgage, both for the debtor while the home. So perhaps the many creditworthy debtor could nevertheless encounter roadblocks as you go along.

The other day, the Federal finance institutions Examination Council (FFIEC) released Residence Mortgage Disclosure Act (HMDA) information for 2012.

Though home loan financing had been up a huge 38% from 2011, there will nevertheless tens of thousands of declined home loan applications.

In reality, the top mortgage company in america, Wells Fargo, denied 84,687 for the 399,911 house purchase applications it received (21.2% rejection price), including the ones that had been pre-approved, according up to a Marketwatch analysis. Read more