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400 <br />City of Cuyahoga Falls, Ohio 39 <br />AQ Anal sis of Im ediments to Fair Housin Choice <br />unacceptable to the borrower. Withdrawn applications (8.1 %) are those that the borrower <br />drops in the application process. There can be many reasons for this from changing their <br />minds on the loan or to changes in the terms of the applications. Incomplete applications <br />are often closed by the lender due to lack of information from the borrower. <br />Table 27A shows the reason for the denial. As would be expected credit history was by far <br />the greatest reason for applications being denied, 39.6 %. The second largest reason was <br />debt to income ratio, 20.6 %. <br />Table 27A: Reasons for Denial of A lications _ <br />Year Debt to Employment Credit Collateral Cash, mm Other <br />Income History History MPI or i <br />I Ratio Bad Data <br />2002 20.6% 1 1.8% 39.6% 15.9% 9.4% i 14.4% <br />7.4 Applications By Loan Purpose <br />An indication of lending patterns in a community are the purpose that a mortgage loan is <br />going to be used for, such as home improvement, home purchase, refinancing or multi- <br />family. A strong community would like to see a healthy home buyers market for it shows <br />stability and a healthy housing market. Of course growth in the housing market can be a <br />double edged sword. First if the growth is in the high end of the market it ignores the need <br />for affordable, mid priced housing. Many times a community's growth will be due to the <br />development of "suburban" housing outside of a city. This "bedroom" growth often has the <br />result of inflating the housing market and provides little or no affordable housing. <br />Figure 3 shows how 5,373 applications were spread in terms of purpose for 2002. <br />More than 68% of the applications were for refinancing. This was almost three times larger <br />than applications for home purchase and thirteen times greater than home improvement <br />