Mortgage Matters What to do if your Mortgage Application is Denied

Williamson County Homes for Every Family and Every Sty

What to Do if Your Mortgage Application is Denied

StatePoint

If you dream of homeownership, having your mortgage application denied can be devastating. If this does happen to you, it’s important to remember that you’re not alone. Thirteen percent of all purchase mortgage applications -- a total of nearly 650,000 -- were denied in 2020, according to federal government data.

Before quickly reapplying for a loan, it’s important to fi rst understand the reasons your loan was denied. The lender is required to disclose that information to you within 30 days of its decision. You can also call your lender for further explanation. Having this knowledge will help you work toward building your eligibility for a mortgage.

In some instances, the situation involves a quick fi x, such as providing missing or incomplete documentation. However, if the reasons cited for your application denial involve down payment cost, a low credit score, an adverse credit history or a high debtto-income ratio, here are six steps you can take toward recovery:

1. Consult a Housing Counselor. Consider speaking to a community-based credit counselor or a HUD-certifi ed housing counselor. They can help you create a plan to increase your savings, decrease your debt, improve your credit, access down payment assistance or take advantage of fi rst-time homebuyer programs.

2. Improve Your Credit. In a 2022 Freddie Mac survey of consumers denied a mortgage application in the past four years, three in fi ve cited debt or credit issues as reasons given for their initial denial. If this describes you, take time to improve your credit profi le before applying for another loan. Good credit demonstrates responsible money management and gives you more purchasing power, opening doors to better loan terms and products. Visit creditsmart.freddiemac.com to access Freddie Mac’s CreditSmart suite of free fi nancial education resources that can help you understand the fundamentals of credit and prepare you for homeownership.

3. Pay Down Debt. In the application process, lenders will look at your recurring monthly debts, such as car payments, student loans and credit card loans. By lowering or paying down monthly debts, you can build a positive credit history and lower your debtto-income ratio. Not sure where to start? Tackle your debt with the highest interest rate fi rst.

4. Obtain Gift Funds. If you’re short on money for your down payment, you may be able to use gift funds from a family member to decrease the amount you need to borrow.

5. Find a Co-Signer. A co-signer applies for the loan with you, agreeing to take responsibility for the loan should you default. The co-signer’s credit, income and debts will be evaluated to make sure they can assume payments if necessary. In addition to ensuring your co-signer has good credit, you should make sure they are aware of this responsibility and have suffi cient income to cover the payment.

6. Look for a Lower-Cost Home. Remember, you should only borrow an amount you feel comfortable repaying. You may need to look for a lower-cost home than you’re fi nancially prepared to purchase and maintain.

For more information and additional resources, visit myhome. freddiemac.com.

If your home loan application is denied, don’t panic. There are ways to build your eligibility so that next time, your mortgage application is more likely to be approved.

With one of the top high schools in the state, a mass transit plan in the works and a wealth of recreational opportunities, Sumner County has plenty to brag about. This area just northeast of Nashville offers a quality of life that many new-home buyers fi nd attractive. Residents here enjoy the hometown feel of cities like Gallatin and

Hendersonville but appreciate the nearby big-city perks of Nashville.

The county’s largest city, Hendersonville, is home to Merrol Hyde Magnet School, named the fourth best high school in Tennessee in U.S. News & World Report’s most recent ranking of America’s Best High Schools. Gallatin - the county seat) is home to Volunteer State Community College, a public two-year college that offers associate degrees, certifi cates and continuing education opportunities. With more than 70 academic programs and classes

Sumner

offered on site and online, Vol State is an educational and economic asset to Sumner County and the entire region.

The Gallatin area is a sportsman’s paradise; fi shing and boating opportunities abound along the county’s many miles of shoreline on Old Hickory Lake, and lakefront or golf course homes are plentiful at communities like Fairvue Plantation. Hendersonville has an extensive system of greenway biking and walking trails with plans to expand its bike trail system. Several golf courses dot the county, including Country Hills Golf Course and Bluegrass Yacht & Country Club - both in Hendersonville), and The Club at Fairvue Plantation and Long Hollow Golf Course - both in Gallatin).

The Greensboro North Park & Ride lot in Gallatin is making life easier for Sumner County commuters, with the Regional Transit Authority’s Gallatin Express bus not only easing the commute for those who ride the bus but also reducing traffi c for those who drive.

Through careful planning and sustained economic growth, Sumner County continues to build on its existing assets, which helps it attract more workers, more residents and more business. It’s easy to see why home buyers and builders fi nd this an appealing place to live, work, play and do business.

Sumner

Restaurants

Moby Dickys Red Rooster Café Dos Margaritas The Lost Cajun Sanders Ferry Pizza & Pub Fairvue Sapporo Japanese & Korean BBQ Swaney Swifts on the Square Top Hog BBQ

Neighborhood

Livability - 62 Amenities - F Cost of Living - BCrime - F Employment - C+ Housing - B Schools - D Weather - C

Parks & Rec

Hendersonville Park Drakes Creek Park Gallatin City Park Moss Wright Park Bledsoe Creek State Park

More to love

Volunteer State Community College Old Hickory Lake

Schools & Ratings

Sumner County Middle College High School - 10/10 Union Elementary School - 9/10 Station Camp Middle School - 8/10 Walton Ferry Elementary School - 10/10 T.W. Hunter Middle School - 9/10 Merrol Hyde Magnet School - 9/10 Jack Anderson Elementary STEM School - 9/10

Dorris Farms

COMING SOON! The Jones Company, one of the most reputable homebuilders in Nashville, is happy to announce a new community, Dorris Farms, in White House, TN.

Join Our VIP List to Get All the Updates! LiveDorrisFarms.com

615-776-3580

LiveDorrisFarms.com

Sumner County

Nichols Place

Choose from a variety of 3-bedroom town homes in Gallatin’s newest town home community. Granite kitchen counters with all appliances included.

Directions

From Highway 109, turn West on Nichols Lane to neighborhood on left.

Nichols Lane at Rising Lane Gallatin, TN 37066 615-219-5644

McCain’s Station

From the upper $400’s

Model Open Daily! The Jones Company, is happy to announce a new community, McCain‘s Station. Located in Sumner County, Gallatin is roughly 20 minutes from Nashville. Residents of this community will love taking advantage of Old Hickory Lake where you can fish, swim and take a boat out. In addition, Bledsoe State Park is close by and is great for hiking, camping, and family fun on the lake. Featuring our INSPIRATION Collection of homes, McCain’s Station is perfect for families looking for a great location in addition to a quality built, thoughtfully designed new home. QUICK MOVE IN HOMES NOW AVAILABLE! Directions: I-65 north to Vietnam Veterans Pkwy to Big Station Camp Road. McCain’s Station is located on the right, across from the Sumner Station Emergency Room.

Gallatin, TN 615-991-1232 McCainStation.com

The Retreat at Norman Farm

From the low $500’s

Now Selling! We are happy to announce a new community, The Retreat at Norman Farm with amazing amenities: Natural lake with kayaking launches and fishing piers, Community pavilion, ‘modern farm style’ entry barn, sidewalks & street lamps, fantastic walking trails/paths, and a natural playground. Directions: Take I-65 North to Vietnam Veterans Pkwy, then exit at Exit 7 (Indian Lake Blvd) • Left at the end of ramp onto Drake’s Creek Road • Straight through next 2 lights • Follow until you come to Anderson Lane and go right on Anderson Lane.

512 Jones Lane Hendersonville, TN 615-776-1166

RetreatatNormanFarm.com

Get your business seen in the next issue of Get your business seen in the next issue of

Middle Tennessee’s guide to new homes and interiors Middle Tennessee’s guide to new homes and interiors

June-July 2020

MORTGAGE MATTERS

There’s more to mortgage MORTGAGE than just interest rate MATTERS There’s more to mortgage than just interest rate

Tennessee Homes is published six times per year by The Tennessean. Tennessee Homes is published six times per year by The Tennessean.

A Home Worth Celebrating A Home Worth Celebrating

For advertising information, contact: Emilie Obermiller at 615-259-8839 or Eobermille@gannett.com or Stephen Rose at 615-259-8251 or srose@localiq.com For advertising information, contact: Emilie Obermiller at 615-259-8839 or Eobermille@gannett.com or Stephen Rose at 615-259-8251 or srose@localiq.com

Rutherford

Murfreesboro | La Vergne | Smyrna | Eagleville | Walterhill

Residents of Rutherford County have the benefi t of urban conveniences along with the pastoral beauty of the countryside. Attracted by affordable housing, good schools and job opportunities, residents here enjoy a variety of cultural, educational and recreational opportunities.

Rutherford County continues to receive national recognition for the quality of life it offers. Forbes magazine recently ranked the Nashville/Davidson County- MurfreesboroFranklin area fourth on its list of “Best Cities for Jobs,” and in 2015 Murfreesboro ranked 11th on Wallet Hub’s list of Fastest Growing Cities. Murfreesboro, the county’s largest city, is the geographic center of the state. Higher education is easily accessible at Middle Tennessee State University and the Tennessee Technology Center at Murfreesboro. And there are a host of historic, cultural and educational sites here, including the Discovery Center at Murfree Spring, Stones River National Battlefi eld and the Sam Davis Home.

Home buyers can fi nd small-town luxury at Murfreesboro’s Wynthrope Hall, while townhomes and spacious single-family homes are available at Evergreen Farms. Affordable new singlefamily homes are found just south of the city at Buchanan Estates in the Christiana community.

Located just outside of Murfreesboro is the city of Smyrna, an area exploding with retail and business development complemented by affordable quality housing. Colonial Town Park shopping center includes retail establishments like Kohl’s and a Super Target. Smyrna offers opportunities for higher education at its branch center for Motlow State Community College (based in Lynchburg).

Just minutes away in La Vergne — which made Nerd- Wallet’s list of 10 Best Cities for African-Americans — sits the state’s largest industrial park. La Vergne is also home to the headquarters of several big businesses, including Ingram Books and Bridgestone/Firestone.

Rutherford