Yes, it can. It depends on who you are in relationship to the business and what type of business entity you have formed.
Is there (or could there be) a "bleed-through" effect which makes you (or could cause you to become) personally responsible for repayment of the loan. If so, the amount of money could be counted as personal debt and work against your ability to buy when considering your income and debt to income ratios as in the case of being a co-borrower.
If the business qualified for its "own" loan based upon business income and assets and you did NOT guarantee the loan in any way, it shouldn't (in my opinion) affect your ability to obtain a mortgage provided your income from the business doesn't take a "hit" to allow for repayment of the debt.
Yes there is a new program for FHA by HUD for people in your shoes you just need 12 months from the date of the Bankruptcy, short sale or foreclosure.
The U.S. Department of Housing and Urban Development (HUD) recently announced the â€œBack to Work â€“ Extenuating Circumstancesâ€ program, aimed to help people who have lost their home through foreclosure, short sale or bankruptcy. HUD has reduced the previously required minimum of 36 months to 12 months before they may be able to finance another home, given that they meet HUDâ€™s minimum eligibility requirements.... more
What is a credit score?Your credit score is a three-digit numberÂ ranging from 300 to 850. These numbers are often referred to as your FICO score(Fair Isaac and Company). FICO is actually the name of
It amazes me that most people I speak with are under the impression that banks are reluctant to give out mortgages.Â Let me set the record straight.Â Â As a real estate sales person I have yet to
Street to Street property, building can be used as 4 retail stores.Full bsmt- now used as Banquet/Catering Hall, Possibility for Restaurant w/sep. party rooms.Great investment potential 10,000 sqft of