Will you be qualified for a home mortgage if you recently purchased a business?

Asked by Nm, Cherry Hill, NJ Thu Feb 27, 2014

My husband is buying a business in cherry hill area. We want to buy a house in Cherry Hill, NJ also. I am afraid that we will not be qualified for a home mortgage as he already has a business loan approved? Our gross is income is $100000 and excellent credit score.

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Paul Marzolla, Mortgage Broker Or Lender, Fort Lee, NJ
Mon Mar 10, 2014
I understand why you'd be concerned. New business, new loan, possible new home. Fortunately, this will most likely not create any issue as long as we can show documentation that the loan is in fact for the business.

Your income looks good, but we will still need to discuss the property of interest. Having excellent credit is also very helpful; it shows underwriting that you know how to handle your finances in a responsible manner.

Between the new business and buying a home I'm sure you have a lot on your plate. Let me help take some of the stress off your plate by answering any questions you may have. This should be a very exciting time for your family.

Please contact me at your earliest convenience so we may create a plan of action. I may be reached via phone or email; whichever is of greatest convenience.

Kindest regards,

Paul F. Marzolla
Sr. Mortgage Consultant
(201) 957-6768
Web Reference:  http://www.PaulMarzolla.com
0 votes
Kevin and Ju…, Agent, Wildomar, CA
Thu Feb 27, 2014
The only way to truly know is to visit with a mortgage pro to determine if you qualify. Good luck!
0 votes
dcdailey, , Cherry Hill, NJ
Thu Feb 27, 2014
Hi, my name is Diane Dailey and I am a mortgage broker. There is not an easy answer for your question.
You income and credit are good but you debt load is unknown to me to work numbers.
The name of my company is Grapevine Consulting Inc and I am in Cherry Hill. If you would like to set
an appointment with me to do a quick qualification, feel free to e mail me at dcdailey@grapevineloans.com. I have been in the business for 24 years.
0 votes
, ,
Thu Feb 27, 2014
Let's discuss your loan scenario in more detail. Contact me at 800 315 8803 or 973 979 4100. My name is Bart and I have been in the mortgage business since 1987. I am happy to answer your mortgage questions, 7 days a week and review your loan scenario. Until then, I look forward to hearing from you.

Bart Gabe - Lending Nationwide Since 1987



800 315 8803

NMLS 20743
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