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.
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