Vote now in the 2021 Best of San Antonio Readers Poll.

Monday, May 7, 2018

San Antonio Ranks High on the List for Denied Mortgage Applications

Posted By on Mon, May 7, 2018 at 10:51 AM

click to enlarge Credit history is the top reason San Antonians are rejected for mortgages — also the top reason for rejection nationwide. - WIKIPEDIA COMMONS
  • Wikipedia Commons
  • Credit history is the top reason San Antonians are rejected for mortgages — also the top reason for rejection nationwide.
Getting rejected for a mortgage is a kick in the teeth. You scrimp and save for a downpayment only to have a bank dash your hope for living the American Dream.

And, apparently, that shitty feeling is familiar to almost one in 10 San Antonians who apply for a mortgage.

About eight percent of all S.A.-area mortgage applications are denied, making it the city with the 18th-highest rejection rate out of the 50 examined in a recent LendingTree Inc. study. Economists for the loan-shopping site parsed 10 million mortgage applications for its data.

Credit history ranked at the top reason San Antonians are rejected for mortgages. It's also the top reason nationwide, accounting for a quarter of all rejections.

The cities with the highest mortgage-denial rates are Birmingham, Ala., with a 13 percent rate; New Orleans, with 12 percent; and Memphis, Tenn., also with 12 percent. At No. 9 and with a 9 percent rate, Houston was the only major Texas city that ranked above San Antonio on the list.

Stay on top of San Antonio news and views. Sign up for our Weekly Headlines Newsletter.

Tags: , , , , , , , , , ,

Support Local Journalism.
Join the San Antonio Current Press Club

Local journalism is information. Information is power. And we believe everyone deserves access to accurate independent coverage of their community and state. Our readers helped us continue this coverage in 2020, and we are so grateful for the support.

Help us keep this coverage going in 2021. Whether it's a one-time acknowledgement of this article or an ongoing membership pledge, your support goes to local-based reporting from our small but mighty team.

Join the San Antonio Press Club for as little as $5 a month.

Read the Digital Print Issue

June 16, 2021

View more issues


Join SA Current Newsletters

Sign Up Now

Subscribe now to get the latest news delivered right to your inbox.


© 2021 San Antonio Current

Website powered by Foundation