Why would one lender say no when another may say yes?
Usually because the first lender didn't have the right program or added rules of its own. Not every lender offers bank statement, P&L-only or ITIN loans. A lender that only offers FHA and conventional can't approve a file that needs something else.
Some lenders also don't know how to structure a loan creatively. My experience is in matching the file to the right lender, which is often the difference.
What are lender overlays?
Overlays are extra rules a lender adds on top of FHA or Fannie Mae guidelines. For example, a lender might require a higher credit score than the program itself requires.
Two buyers with the same file can get different answers at two different lenders because of overlays. Got Mortgage Solutions works with lenders that typically have fewer overlays, which gives us more room to review your options.
Is all hope lost after a "Refer/Eligible" result?
Not necessarily. A "refer" result means the automated underwriting system didn't approve the file on its own. Depending on the program and lender, a file may still be reviewed by a human underwriter, or a different program may fit better.
Can I get a mortgage after bankruptcy or another credit event?
It may be possible, depending on the timing and the program. Some Non-QM programs consider recent credit events. Source: www.gotmortgagesolutions.com
Each program has its own waiting rules. I'll tell you plainly where you stand and when other options may open up.
Typical waiting periods, counted from the discharge, dismissal or completion date. Some lenders add stricter rules.
| Event | FHA | VA | Conventional (Fannie Mae) |
|---|---|---|---|
| Chapter 7 bankruptcy | 2 years from discharge (sometimes 1 year if it was beyond your control) | 2 years from discharge (sometimes 1 year if it was beyond your control) | 4 years (2 years with documented extenuating circumstances) |
| Chapter 13 bankruptcy | Possible after 12 months of on-time plan payments, with court approval | Possible after 12 months of on-time plan payments, with court approval | 2 years from discharge, or 4 years from dismissal |
| Foreclosure | 3 years | 2 years (sometimes 1 year if it was beyond your control) | 7 years (3 years with documented extenuating circumstances) |
Some Non-QM programs may consider a shorter wait.
Sources: Fannie Mae Selling Guide B3-5.3-07 · VA Lenders Handbook, ch. 4, summarized by HSH · Nolo: FHA loans after foreclosure or bankruptcy
What should I bring for a second look?
Bring what you have. The more I can see, the faster I can give you a real answer.
- The reason you were given, such as a denial letter or adverse action notice
- The loan program the other lender tried
- Recent pay stubs, or basic information about your business if you're self-employed
- Your last two years of tax returns, if you've filed them
- Recent bank statements
- A short explanation of any credit issues, in your own words
Please don't send documents through this website. Bring them to our call, or upload them through the secure application.
Will you tell me if you can't help?
Yes. If I don't see a path today, I'll say so and explain why. When I can, I'll tell you what would need to change, such as paying down a balance, filing a tax return or waiting out a time period, so you know your next step.
I'm a real estate agent with a buyer who was just denied. What should I do?
Send me a Deal Rescue request. You'll get an honest answer within 1 business day, often sooner. See For Real Estate Agents.
How do I get a second look?
Apply online, or call me at 562-743-6666 and tell me what happened.
Reviewed by Bernardo Esparza, NMLS #906396 · Updated October 2026