Mortgage Loan Declined

[Carlos Rodrigues]

Good afternoon BP! So I have bad news, if you read the title to this post, my mortgage loan for declined. I've been working with Movement Mortgage, and they send all my documents over to underwriters to get a pre-approval before I even start looking at properties. There reason was because my overtime isn't consistent, and that my front ratio (monthly expenses divided by income) is greater then 40%. I'm not sure how far they go back to calculate this because the past 6 months I've been saving, saving saving!! I skip means and going out and wasted money so I can purchase my first investment property. I don't have the exact numbers or reasons, still waiting on him email for the reasons why it was declined. I was asking for $350k for a multi family in NJ, FHA 3.5% taxes at 10,000 year. But he can't even loan me for $300k. But my question is now what? I'm so disappointed in myself, it's so upsetting. I'm still young (24) working my *** off!! To get a little personal I work 50-60 hours a week for the past 3 years, making a good hourly rate and overtime isn't a issue. My occupation is Electrical Foreman. I can't wrap my head around on why I was declined. Could anyone help me? I really need to get started in purchasing my first real estate property!! Thank you in advance!

[Jason Hirko]

@Carlos Rodrigues I wouldn't let one denial get you so down on yourself. Were you working with a broker or the actual lender? A good broker should be able to do the shopping for you and find one that is a better fit for your particular situation. Keep your head up!