Real Estate

Why more mortgage applications are being rejected based on income


Prospective buyers attend an open house at a home for sale in Larchmont, New York, on Jan. 22, 2023.

Tiffany Hagler-Geard | Bloomberg | Getty Images

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.

Overall, 9.1% of home purchase applications among all applicants were denied in 2022, the consumer watchdog agency reported, higher than 8.3% in 2021 but a marginal decrease from 9.3% in 2020….


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