Posted on: 20th Oct, 2010 06:44 am
Is it feasible, or possible to purchase a mortgage, by adding a vehicle loan into a potential purchase price on a home that lists persay 20-30% less than its taxable value and your credit rating is 787(excellent). Lets say 100,000 taxable and selling for 70,000 with a vehicle balance of 4500 on a 4.99%... and utilizing a VA mortgage @ lets say 4%?. Or would it be feasible to wait until spring when vehicle is paid for? What do you think the mortgage payment difference would be approx... given the figures indicated between fall and spring? What would you do?
Hi Hazviper,
You will not be able to roll your car loan in to the purchase of a new home.
One thing that may help with your debt to income ratio is the fact that the VA loan will allow an underwriter to exclude the monthly payment for a debt if the debt will be paid off in 10 months or less.
You will not be able to roll your car loan in to the purchase of a new home.
One thing that may help with your debt to income ratio is the fact that the VA loan will allow an underwriter to exclude the monthly payment for a debt if the debt will be paid off in 10 months or less.