Loan is for straight home purchase
Steady employment (two or more years) with the same employer or in same line of work. Low debt: no recent major buys (such as automobiles) and a debt-to-income ratio of 36 percent or less.Loan is for straight home purchase (or rate-and-term refinance). Property is detached single-family home to be used as primary residence. Down payment of at least 5 percent of sales price with your own money. You'll have at least two months' worth of mortgage payments in the bank after closing.
Traditionally, banks are more conservative with their investment dollars. Unlike many venture capitalists or angel investors, they are far more likely to approve a loan for an established business over a startup or emerging company. This is largely due to the fact that they are investing the money of their depositors.
However, thanks to government agencies such as the Small Business Administration (SBA), which work with many banks, small business owners can get business loans from banks with a strong business plan and well-prepared business loan request.
posted by allinsurance @ 8:19 PM
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