Your request for a home loan does not meet your needs, because you want a higher mortgage amount, and the bank will not budge. Your lender really does want to provide the highest loan amount that you can comfortably afford, based on industry standards, ethical obligations and federal compliance.Adjustments to your credit and income may position you to convince your lender to reconsider you for a higher mortgage loan.
Raise your credit score to qualify for a higher mortgage loan. Reduce your balances on revolving items that report to the credit bureaus. Pay each credit card until the balance is below 30 percent of the high credit limit. A higher credit score may help you qualify for a lower interest rate. Your lower interest rate will reduce the monthly payment on a corresponding loan size or allow you to qualify for a higher mortgage amount.
Seek a co-signor who will add credit strength or income toward your mortgage loan. You can add the income from your spouse and other adults who reside in your home, such as your son, daughter or an in-law. Non-occupant co-borrowers who qualify may increase your opportunity to receive a higher mortgage loan.
Ask your loan officer to consider conventional and government mortgage programs for which you qualify. Mortgage loans that are guaranteed by the United States Government, such as the Federal Housing Administration (FHA) and the U.S. Department of Veterans Affairs (VA) allow higher ratios for housing and debt limits than those offered by conventional lending programs. Higher debt ratios may allow you to qualify for a larger mortgage loan.
Increase your income to qualify for a higher mortgage loan. A promotion, increase in your base pay or a new job may provide the additional income that is needed to qualify for the loan that you want.