Why was my Titus loan application denied?
If your Pay at Close application was denied, your decision letter includes the specific reason for the denial. Below are the most common reasons and whether you may be eligible to reapply.
About Your Decision Letter
If we obtained a credit report as part of your application review, your decision letter will include the disclosures required by the Fair Credit Reporting Act (FCRA).
These disclosures are included whenever a credit report is used, regardless of the outcome of your application or the reason for the decision.
Common Denial Reasons
Property Type Not Eligible
Pay at Close financing is available only for residential properties, including:
- Single-family homes
- Condominiums
- Townhomes
- 1–4 unit residential properties
The following property types are not eligible:
- Vacant land
- Mobile homes
Applications for land are automatically declined and cannot be reconsidered.
Ownership Structure Could Not Be Verified
The property's ownership information did not match the records we were able to verify.
If the property is owned by an LLC, trust, or another entity, we may require additional documentation to complete the verification process.
LLC Listing Price Exceeds Program Limits
Properties owned by an LLC are subject to additional program requirements. Currently, LLC-owned properties with a listing price greater than $1,000,000 are not eligible for Pay at Close financing.
Credit Did Not Meet Minimum Requirements
The applicant's credit profile did not meet the minimum requirements for the Pay at Close program.
You can review our current credit requirements here.
Loan-to-Value (LTV) Limit Exceeded
The requested funding amount, combined with any existing Titus loans associated with the property, exceeded the maximum allowable loan-to-value ratio for the property.
Existing Past-Due Balance
An existing Titus loan associated with you or the property is currently past due. The outstanding balance must be resolved before a new application can be approved.
Program Cap Reached (RIC Applications)
The requested amount exceeded the maximum funding limit configured for the applicable RIC program.
Can I Reapply?
In some cases, yes.
If reapplying is available for your denial reason, you'll see a "Cancel Application and Start Over" button on the denial screen. Selecting this option will return you to the appropriate starting point so you can submit a new application.
Please note that certain denial types, including land-property denials, cannot be reversed or resubmitted.
Still Need Help?
Email us at support@gotitus.com.