Here’s a great article recently article by the National Association of REALTORS:
When a lender says you don’t qualify for a mortgage refinance, you may be able to fix what’s wrong or find another lender willing to step up.
The five things that most often stop a refinance from going through:
- Your home is worth less than your current mortgage (also known as being underwater).
- Your credit score is too low.
- You can’t document your income.
- The lender thinks you’re not making enough money to cover your bills.
- Your home is listed for sale.
You can overcome some of those five issues fairly quickly, but others will take time.