What can disqualify you from a mortgage?
Mortgage lenders conduct thorough underwriting reviews, and several critical financial factors can result in a loan application being denied. Common disqualifying factors include a low credit score that falls below minimum lender thresholds, an excessively high debt-to-income (DTI) ratio indicating too much existing debt relative to income, recent bankruptcy or foreclosure proceedings within waiting periods, and unstable or undocumented employment history (such as gaps in work or inconsistent freelance income). Other major red flags include a lack of verifiable funds for the down payment and closing costs, recent large unexplained deposits in bank accounts, and significant errors or unresolved collections on credit reports.
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