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Turned down for a mortgage? You're not alone. Many borrowers are finding it difficult to navigate lending requirements and reapply for a loan to buy a home, despite significant improvement in the housing market.
If your mortgage application was rejected, take heart. Mike Sullivan, director of education for Take Charge America, a national nonprofit credit and housing counseling agency, says prospective homebuyers can successfully reapply if they consider the following factors:
Cash Flow – One of the primary roadblocks to obtaining a mortgage is cash flow. At a minimum, borrowers need a 3-percent down payment and about 3% of the mortgage for closing costs. They must also take moving and ongoing maintenance costs into account, including utility deposits, appliances, a law...
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