A Home Mortgage Refinance Loan Application Must Meet Certain Guidelines in Order to Qualify

April 1, 2010 - PRLog -- If you are one of the people who have decided its time for a low FHA home refinance loan because of the simplicity of applying for a home refinance loan and the speed in which the money can be obtained. But, an important question is: what should you do if your FHA home refinance loan application has been refused? Take heart and know that refusal of your refinance home loan application is not the end of the process and there are options you can do to try to be successful in getting a FHA home refinance loan.

Learn the Reason for Your Turn Down

The first thing to be concerned about when their FHA home refinance loan application has been denied is to find out why the application has been refused. There are many reasons why the application may have been refused and knowing the reason for the refusal may help you decide the next step. Most often, people apply for FHA home refinance loans when they really need funds, so it is important that you find out what went wrong as soon as possible.

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There are several reasons that your FHA home loan refinance application may be turned down, such as an application to that particular lender has been made in your name within the last few months. In many cases, applications for people that have sent in an application to the identical loan lender within the last few months are refused without any further review. Don’t consider this too negative. If you’ve made application for home refinance loans within the last several months, there is no reason to be upset by the denial, but if you do not remember having opted for a FHA home refinance loan within the last several months, watch out, you may have been a victim of identity theft.

In some cases, the FHA home refinance loan application has been denied because the applicant’s salary is too low for the refinance home loan that they are trying to obtain. If the loan application has been denied because of a low salary, there are a number of options for the person to choose from. They have a choice of reapplying for the same type of loan from a different lender or applying for a FHA home refinance loan that has a lesser value. There are many reasons why your FHA home refinance loan application has been denied and knowing the reason why will tell you what steps to take next.

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