Can i get another loan, if I was just approved for a mortgage?
I currently rent a home which the lease will be up in 5 months. I just came out of bankruptcy 2 years this month. I was approved through bank of america for a mortgage amount of 350k and backed by FHA. My credit has been established since my filing and have 2 major credit cards with decent limits. I currently make about 78k a year at my job (restaurant manager)
My question is..Im looking to purchase a business with my son (a bakery in my area) he has many years in the field. Im looking to buy a home with the fha mortgage i recieved but would possibly like to buy this business as well. Any chance i could have bank of america lend me more money or a second loan to buy this business? Could they use the store and its contents as collateral? The business is selling for 100k.