Attention Business Owners! There are times when you need to finance something for your business but must sign the note for that debt personally. For home financing purposes, if the business pays that loan each month [such as a car loan] and you can document timely payments from the business for 12 months, we do not need to count that debt against you! Self-employed buyers, let’s talk first to help you finance that dream home.
Related Article Title: Excluding Personal Debt Paid for by Borrower’s Business Question: My client has always paid for her car note from her business. A few months ago, she traded in one car for another, so we only have a few months of the note being paid on the new car. Since she paid for […]