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Will a business purchase hurt a mortgage loan

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Will a business purchase hurt a mortgage loan

My husband is self employed and is wanting to purchase a Van for the company in the company name. Will this have a negative affect on our Mortgage Application next year. Will they count in for our DTI or will it be considered business? I don't want to risk anything at this point because we are trying to pay our debt down and pay off some collections.

Message 1 of 4
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Valued Contributor

Re: Will a business purchase hurt a mortgage loan

If he is a small business yes it will impact his credit score and DTI. He may write it off Thru the business but they will still use his credit and SS# when the loan is made.
How long until you believe you will be in a position to be approved and purchase?
Message 2 of 4
Established Member

Re: Will a business purchase hurt a mortgage loan

We are applying next year after Taxes we need the two year full tax returns. It's a nightmare we have been screwed in taxes because we can't take our full deductions to show the right amount of income. It feels like you get hit at every turn. I have told him I thought this should wait because it may effect us badly

Message 3 of 4
Valued Contributor

Re: Will a business purchase hurt a mortgage loan

If you are trying to Qualify after Taxes 2020 then do Not buy a new vehicle now, wait.
Message 4 of 4
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