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Family Owned Business - Getting Loan

Family Owned Business - Getting Loan

I have another question out there but this is more concise.

 

Should there be any issue with me getting a loan when I am a w-2 Employee with a business that was recently sold to my family (100% assets are going to be my husbands).

 

For 5 years, I was w-2 under the former owner (he passed away earlier this year), and I will continue to be w-2 under the family owned business part as well (approx 3 mo under our ownership). I will be the only one on the loan, not my husband. 

 

Thank you!

 

 

Message 1 of 3
2 REPLIES
New Member

Re: Family Owned Business - Getting Loan

That should not be a problem as long as we can document employment with your W2's and probably a letter of explanation. Mod Cut

Message 2 of 3

Re: Family Owned Business - Getting Loan

Thanks Bart - I may do just that. 

 

I did get preapproved with BOA (which was required to go thru the offer process as it was a bank owned property), but I have a feeling if it went through underwriting it would get stuck. We have plenty of funding and I even have $50K in outstanding monies to the new organization. w-2s averaged $150K for past 2 years. I just hope someone can see that I'm good for it but I understand the cause for concern.

 

Will see if we get accepted on the offer, and will absolutely message you. Thank you for reaching out.

 

 

Message 3 of 3