With interests rates as low as they are, lenders have to be extremely strict with loans. 24% of mortgage applications today are denied. Banks are looking for homeowners with steady income!
So even if you have a great credit score and put down a large down payment, you may not get the loan if your income stream isn’t flowing. Don’t give up, have thick skin, and hopefully you can find a lender that will give you a loan!
According to LendingTree, the average rate offered to borrowers right now is about 4.32%. Only about 9% of LendingTree borrowers are getting loans below 4%.