What are the effects of outstanding business loans on my home mortgage application?
I have debt from my old business and now I am a student. However we deligently paying monthly minimum payment. To purchase a home I am willing to put 5% down. With me and my spouse we have more than required income to pay monthly mortgage and other expenses.
What are the chances of obtaining mortgage loan in this situation? Is my application going to get rejected ? Does business loans have any impact on my personal home mortgage application?