Question by MaryPoppins: I run a home daycare in MA. Can I get a business loan to buy a bigger house?
I can’t get a sufficent home loan (approved for $ 150K with previous income) due to some debt and not enough income. I have excellent credit 740 score. By increasing my license I’ll be making more money. But can’t do it in my small two bedroom. I’m wondering if a business loan can help me. I can provide a business plan. Just didn’t know if a business loan would cover enough to buy a house between $ 500K-$ 675K.
Best answer:
Answer by DPL06351
Make an appointment with a Loan Officer at your bank. Take your tax returns for the past 3 years with you along with pay stubs from the past 3 months. Also, take your business plan. Even if you don’t qualify s/he will direct you. S/he will tell you exactly what you have to do to qualify for a loan in that amount. Good luck!
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