Loan for My Business
Q: I'm a stay-at-home-mom and I'm interested in starting my own home daycare business.
Would someone in my situation qualify for a home loan, or do I have to have a sufficient amount of work experience in that job field to get a home loan?
My credit is good (I have no loans or bankruptcies) and my husband is just beginning to build his credit (less than a year ago).
A: Lenders want to see you self-employed for at least two years, with tax returns to back up the income that you are claiming.
Remember, there are opposite forces at work here -- when you have your own business, you may want to boost your expenses as high as possible, so you pay as little in taxes as possible. But to qualify for a home loan, you'll want to show as much income as possible.
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