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.
