More mortgage applications are being rejected for ‘insufficient income.’ Here’s why
PUBLISHED WED, OCT 4 20239:00 AM EDTUPDATED 5 HOURS AGO
By: Jared Mitovich
As high home prices and interest rates push up monthly mortgage payments, it’s harder for many consumers to even get a mortgage in the first place.
Last year, lenders denied loan applications due to “insufficient income” more often than any other point since records began in 2018, according to a new report from the Consumer Financial Protection Bureau.
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