Would you accept this offer?

Discussion in 'Questions From New Drivers' started by Solo Soul, Jul 21, 2021.

  1. Cattleman84

    Cattleman84 Road Train Member

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    That SBA loan will count against you as debt when you get a home loan. The higher your debt to income ratio is the less money they will lend you. Better off to build your credit (small loans that you pay off on time or ahead of schedule, small charge accounts like at a tire store. A LOW limit credit card that you pay down to less than $100 owed each month, and most importantly dont miss or be late with any payments), have very little debt, and a solid and steady income.
     
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  3. Solo Soul

    Solo Soul Medium Load Member

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    The thing is that this loan doesn't show in my credit. Credit bureaus have no information about this. So weird
     
  4. Cattleman84

    Cattleman84 Road Train Member

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    Thats because you have just barely started making payments... Give it some time. 720 is a pretty good credit score, with a solid $60k income you could qualify for probably about $200k at 3% for 30 years home loan.
     
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  5. Solo Soul

    Solo Soul Medium Load Member

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    I am wondering why this loan is even there. How can one properly use this loan? I deliver food on apps, and they are giving me 120k. What do they want me to do with it?
     
  6. Cattleman84

    Cattleman84 Road Train Member

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    Reguardless of wether it shows on your credit, there is a payment comimg out of your bank account each month... When you finance for a home the lender will see that on your bank statements.
     
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  7. Solo Soul

    Solo Soul Medium Load Member

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    I got you. And cash flowing out of my account every month will go against me. Like having a mortage of $1000/month with 60k income and then trying to get another mortgage. Obviously the banks will say no. Either get rid of your current mortgage or increase your income to 120k. It makes perfect sense.
    Thanks.
     
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  8. Travis05Lock

    Travis05Lock Bobtail Member

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    Have you ever asked this question, to someone that can give you the best adive or option? I mean, I would go to someone like Dave Ramsey.
     
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  9. Rubber duck kw

    Rubber duck kw Road Train Member

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    It's a buisness loan. It's supposed to be used to expand or start a buisness. Buying a house is not really a buisness, unless you're buying it to flip and should probably be registered as a buisness one way or another too.
     
  10. Solo Soul

    Solo Soul Medium Load Member

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    I should call him. But he will say no and yell at me, he is Dave Ramsey :D
     
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  11. Solo Soul

    Solo Soul Medium Load Member

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    What if I put the house on rent? That's genuine business.
     
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