Owning a property is a goal many strive to achieve yet for many, this dream goes unfulfilled because of the stringent requirements to receive a mortgage. Most borrowers are denied and a recent Reader’s Digest article seems to reinforce that Florida is among the states where denials are much more common.
Four different cities in Florida made the list of cities where a person is most likely to be denied for a mortgage. Earning the dubious honor of first place is Miami with a denial rate of just over eleven percent. Among the reasons is the debt-to-income ratio. Right below Miami is Orlando with a 10.9 denial rate. Credit history is one of the reasons for its high placement. Coming in third is Tampa with a denial rate of 9.5 percent.
Credit remains a major hurdle for budding real estate investors to overcome with traditional banks. Monroe Funding Corp offers asset-based loan products and we take great pride in closing within hours or days versus several weeks or months. If you’re having trouble securing financing via the traditional route, give us a call.
To check out the Reader’s Digest article, please visit https://www.rd.com/culture/cities-most-likely-denied-mortgage/.
This update is by hard money loans Miami company Monroe Funding Corporation, a direct equity lender serving clients throughout Central and South Florida. We specialize in first mortgages on non-owner occupied residential and commercial property investments as well as real estate loan options. Our fast and flexible loan programs get you to the closing table quickly and professionally. For more information on hard money lenders Palm Beach or Florida hard money lending, please call 954-816-0388 or fill out our application.