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Old 01-08-2020, 11:21 AM
 
65 posts, read 28,924 times
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Hi everyone. Great forum here. We are in the process of buying a house as first time home buyers. Our mortgage with insurance and property taxes will be a decent amount higher than our rent now.

I have been working on a business plan for some time and a goal of mine is to start a business in the next year or two (saving more money) I also will need a partial loan. Will having a mortgage pretty much eliminate any chances of getting a personal loan? With the mortgage and all my other expenses my DTI should be around 35%

Thanks
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Old 01-09-2020, 08:10 AM
 
Location: East of Seattle since 1992, originally from SF Bay Area
32,350 posts, read 58,970,925 times
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We bought a home and a business at the same time, but that was in 1993, and we had cash for the business, 25% down for the house. Business loans are very difficult without a two-year minimum track record. Personal loans are available at two of our local credit unions that I know of at 9% up to $25,000 with a credit score of 700+. More than that will be hard to get and that 35% may be an issue. Definitely go for the loan before quitting your job and be careful about what you tell them the money will be used for. Naturally if they think you are going to quit your job and start a business there will be added risk to them.
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Old 01-13-2020, 03:32 PM
 
65 posts, read 28,924 times
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Thanks !
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