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Need a Loan But Keep Getting Declined? SKYDAN Can Help.

Need a Loan But Keep Getting Declined? SKYDAN Can Help.

Being declined for a loan is a heartbreaking feeling that is surprisingly common. In 2017, around 10.8% of loans to purchase a home were denied, while 26% of refinancing loans were denied. Finding yourself in a situation like this makes you feel trapped and you may not know where to turn — but all hope is not lost. There are alternatives to traditional loans out there that can both help you climb out of debt in the short-term as well as set you up for long-term financial success.

 

But do you actually know why you’re being turned down for loans? The most common reasons for being denied are important to know. Although they can make or break your success in traditional lending, they are not criteria whatsoever for other alternatives like SKYDAN’s home sale/leaseback program.

 

See if you qualify today!

 

Common Reasons You Will Get Declined For Loans

 

  • Bad or no credit: Credit score is one of the first things traditional lenders look at when granting or denying a loan. Having no credit indicates to lenders that you have no proven track record of being able to take on the financial responsibility of paying back a loan, which gives them hesitation. Having bad credit, on the other hand, tells lenders that you’ve tried and failed to do so, which will more than likely cause them concern and wind up denying you.
  • High debt-to-income ratio: Debt-to-income ratio (DTI) is the sum of all of your debts (credit cards, other loans, etc) divided by your income. This number is used by lenders to determine if the applicant is financially stable enough to pay off a loan in the long-term. Even if your credit score is fine, lenders look at this ratio to determine if you’ve been accruing insurmountable debt when compared to your monthly income.
  • Employment status: Lenders also typically want to know that you have a history of stable employment. They expect to make their money back and then some, which they cannot do if you are unemployed or drift from job to job. Differing pay stubs, changes of employment, or even having multiple jobs at once may raise some red flags to a lender and decrease your chances of getting a loan.

Improve Your Credit & Pay Your Bills, Quickly

If you’re no stranger to the list above, SKYDAN Equity Partners offers an innovative alternative to traditional home loans and home equity lines of credit (HELOC). Through a home sale/leaseback program, we are able to unlock your home’s equity to pay for life’s expenses — credit card debt, loan debt, medical bills, or any other bills you may have.

 

You may think to yourself, selling the house would definitely cover some bill payments, and I may even have a little left over. And that definitely could work. But realistically, do you really want to go through the hassle of selling your home on the market, dealing with realtors and going back-and-forth on offers? Do you really need the headache of finding a new place to live, packing your stuff up and paying for moving expenses? And finally: do you even want to leave your home, or are you just going through the process to get debt collectors off your back?

 

If the answer to that last question is the latter, SKYDAN’s home sale/leaseback program is right for you. By unlocking your home’s equity, you’ll get a quick injection of cash to pay for expenses all while staying put in the community you love. By paying off your debts, you’re also repairing your credit and setting yourself up for future financial stability.

 

Here’s how it works:

 

When Banks Say No, We Say Yes: Our Home Sale/Leaseback Program

First, SKYDAN will conduct an appraisal of your home to see how much cash you qualify for, based on your property value. We then buy your house at an agreed price, giving you a sum of money with which you can pay down your outstanding debts. You then lease the home back from us for up to 24 months with deferred rent payments. This means that while you’re leasing your home back from us, there are no monthly payments, no interest paid, and no added debt.

 

At the end of the 24-month period, you have two options:

 

1. Purchase the home back (original price + deferred rent)

OR

2. Sell the property, keeping all additional equity

 

We don’t care about your credit score, employment history or debt-to-income ratio. We are here to help you break the cycle of debt, not add to it like traditional home loans do. The only thing you need in order to qualify is having enough equity in your home.

 

 

See if you qualify today!

 

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