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Debt Ratios Are the Most Worrisome Factor for Mortgage Applicants

For many home purchasers, qualifying for a mortgage is not only a tough challenge but also one that ends unhappily: They get rejected.

The reasons for the turndowns typically involve multiple factors: below-par credit scores, inadequate documented income, little or no savings.

But a new survey by credit-score giant FICO offers a peek inside the heads of credit-risk managers at financial institutions. Researchers asked a representative sample of them what single factor makes them most hesitant to fund a loan request — in other words, what’s most likely to prompt them to say no.

via Debt ratios, not credit scores, are the most worrisome factor for mortgage applicants – The Washington Post.

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