Joint partnership and loan approval
I am a partner in a 50/50 partnership. My business partner wants to purchase a home. How will this affect my ability to get a loan in the future? Since we use the same account for both of us, will this throw off the debt to income ratio? by linda675 from Arivaca, Arizona. Sep 3rd 2015
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
More info would be needed but in general, No.. it shouldn't... DTI's are not shared by partnerships.. only marriage.. if you were married and applying, then even if you are not going on the loan, your spouse would have to include YOUR debt into his ratios for qualifying purposes.. But business partners are just that, business partners.. You should have your own individual personal account outside of the joint business account.. Typically, lenders do not need copies of your business banking accounts, only personal accounts where the down payment is coming from.. If however the funds are coming from a business account, then the lender will require a letter from your CPA or Accountant indicating that by removing the funds from the business, it will not detrimentally affect the businesses ability to continue to operate. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347
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