Having 130k account balance for 230k mortgage and got rejected.

Co op rejected our application on the basis of financial reason. We just owe a car of with monthly payment of 397 . I think co op rejected us for some other reason .

Edit :current salary 120k (started job last year in august) Wife salary:80k( working for past 8 years , was without job for past 6 months and started working 1 month before the co op application. Credit score : 820 Past deliquencies:none