What are the common reasons for mortgage application denials with Quicken Loans?

There are several common reasons why a mortgage application may be denied by Quicken Loans. One primary reason is insufficient credit history or a low credit score. Lenders typically set a minimum credit score threshold, and if the applicant's score falls below this, the application may be declined. Additionally, a high debt-to-income ratio is often a significant factor. If the applicant's monthly debt obligations exceed a certain percentage of their income, it can indicate an inability to manage more debt, leading to potential denial. Another reason could be incomplete or inaccurate documentation. Quicken Loans requires various documents to assess the financial status of the applicant. Missing information, discrepancies in provided information, or failure to meet the lender's requirements can result in denial. Employment history also plays a critical role; if an applicant has a history of frequent job changes without stability, or is newly employed without sufficient income proof, this can affect the decision. Finally, issues related to the property itself, such as appraisals that do not meet the purchase price or issues that may arise during inspections, can influence the approval process. If someone is interested in more specific information regarding their circumstances, it may be beneficial to refer to the relevant sections on the Quicken Loans website.