Posted on: 02nd Nov, 2012 02:46 am
I just wrecked my car and it is a complete loss. My insurance will not pay for it because I only had liability. So, now I need a car, I was hoping to apply for a USDA loan in March. The only debt that I have on my credit is a car loan (my sister's car). She has been paying the dues on time every month and only owes 4,000 on it and a credit car that I owe 600 on it. That car loan will be paid off in Feb of this upcoming year. Is getting a car loan going to affect me getting that mortgage loan in March?
Hi Selvel,
Getting a car loan immediately before taking out a mortgage can be considered as a negative thing. It will affect your debt to income ratio and might affect your chances for qualifying for a mortgage.
Thanks,
Jerry
Getting a car loan immediately before taking out a mortgage can be considered as a negative thing. It will affect your debt to income ratio and might affect your chances for qualifying for a mortgage.
Thanks,
Jerry
Car loan can effect the mortgage if you consider in a recent scenario but i suggest you to consult with your adviser or agent, if a solution could be reached.
Talk to your advisor before taking out a car loan since you know that it will effect the mortgage.
Talk to your advisor before taking out a car loan since you know that it will effect the mortgage.