Can i get a SBA business loan with a partner and still get my new home?

[ccoaston]

I was wondering. I wanted to go and start my business. I have a business plan and me and my partner plan on applyng for a SBA business loan. However me and my wife are also in the proccess of finding a home. Is there a way to get the new home and the loan at the same amount time period. How would it affect me?

[Anonymous]

It would be tough.  Is the new business going to be your income?  What is your income from right now?  What debts do you currently have?

The loan payment for the business (if it is being guaranteed by your credit) is going to hurt your DTI.

Last, with a credit score of 666 you may find issues even getting a SBA loan.  Even though they are suppossed to be for lower tiered credit, they have gotten tight.  I have seen people with established businesses and 680+ FICO get denied so be forewarned. 

[ccoaston]

This business will bring income in.I will be working in the day and my partner will possiably work at the business during the day and I will come in at night. Im goign to partner up with someone . Im sure his credit score is in the 700's. we are both going on the loan. Im kinda in a tight situation because we both want homes but the business could very possiably change both our lives and make things much more easier than now.

I wonder if they look at your credit like they would when you would apply for a mortgage. Cause when i went to the pre qualifying proccess for the mortgage they went off my middle score whcih was a 688.