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9 VD City of Cuyahoga Falls, Ohio 39 gg n gg Analysis of Impediments to Fair Housing Choice unacceptable to the borrower. Withdrawn applications (8.1 %) are those that the borrower drops in the application process. There can be many reasons for this from changing their minds on the loan or to changes in the terms of the applications. Incomplete applications are often closed by the lender due to lack of information from the borrower. Table 27A shows the reason for the denial. As would be expected credit history was by far the greatest reason for applications being denied, 39.6°/x. The second largest reason was debt to income ratio, 20.6 %. Table 27A: Reasons for Denial of Year Debt to Employment Credit Collateral Cash, Other Income History History MPI or Ratio Bad Data 2002 20.6% 1.8% 39.6% 159% 9.4% 14.4% 7.4 Applications By Loan Purpose An indication of lending patterns in a community are the purpose that a mortgage loan is going to be used for, such as home improvement, home purchase, refinancing or multi- family. A strong community would like to see a healthy home buyers market for it shows stability and a healthy housing market. Of course growth in the housing market can be a double edged sword. First if the growth is in the high end of the market it ignores the need for affordable, mid priced housing. Many times a community's growth will be due to the development of "suburban" housing outside of a city. This "bedroom" growth often has the result of inflating the housing market and provides little or no affordable housing. Figure 3 shows how 5,373 applications were spread in terms of purpose for 2002,. More than 68% of the applications were for refinancing. This was almost three times larger than applications for home purchase and thirteen times greater than home improvement