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It was an extremely frustrating and stressful time. I first applied for the loan in July 2015 and again April 2016, but did not qualify either time. It wasn't until I applied February 2017 that I was finally approved and closed on my house March 31, 2017. I ended up renting the house I was trying to purchase from July 2015 until I closed. Which cost me $36,750.00...that I THREW AWAY. This money could have gone towards the purchase price of my home. I do not understand why I was denied for almost 2 years. Very little has changed in my financial situation since I first applied. I have always had great credit and always pay my bills on time. But apparently that wasn't good enough. When I applied last year and was denied, perhaps you all could have taken in to consideration the fact that at that point I had already been paying the rent on the home,I was trying to qualify for, of $1750.00 a month for almost a year. WITH NO LATE PAYMENTS. But again, that still wasn't good enough, after all you had your "guidelines" to follow. I understand the risk of loaning money for mortgages, however not everyone falls into your generic guidelines. There are exceptions to the rules, such as someone with great credit, someone that already owns property free and clear worth $150,000, someone with a long work history with the same company for 15 years, someone able to afford 20% down and someone with plenty of money in the bank and plenty in retirement! Needless to say, I was BEYOND FRUSTRATED!
