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I Bought a car in sept, what r my chances for getting a mortgage?

The loan out is for 20k by raiders100736780 from Martinez, California. Nov 6th 2014 Reply


Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,446 contributions

What lenders are concerned about is your income to debt ratio. If you owe too much in debt as a percentage of your income, you could be denied. The car may or may not have any effect. Contact a local mortgage broker in your area. Give them an application, and they will quickly determine your loan qualifications. In MN, WI, and SD, visit www.MortgagesUnlimited.biz

Nov 6th 2014
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Dave Metsker (DaveMetsker)
#38 ranked lender in Oregon - 2,317 contributions

Amazing as it seems, you need to earn about $2.50 monthly for every $1.00 of car payment (car note=$400, you need to earn an extra $1,000 per month). This will affect your debt ratio, and determine what price house you can buy.

Nov 6th 2014
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Giovanni Aranda (MortgageByGio)
#887 ranked lender in California - 28 contributions

It depends on your debt to income ratio and the type of home loan applying for (VA, FHA, Conventional) Each allows for a different debt to income ratio maximums. Other factors are also considered such as how much you have saved up that you can show as reserves. Feel free to contact me at 619-669-5518 if any additional questions.

Nov 6th 2014
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,224 contributions

Good info from others already, in addition to affecting your debt ratio the new will also affect your credit score, most likely lowering it as any new account normally does.

Nov 6th 2014
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,797 contributions

Taking on new debt can lower your score, but for qualifying purposes, the lender looks at the MONTHLY DEBT payments and not how much you owe, when determining one's eligibility.. Typically, 43% to 45% Monthly Debt to Income Ratios are the max most lending programs go. The lenders do not include your monthly bills.. so your utility bills, cell phone or insurance payments, etc.. those BILLS are not taken into consideration. Only debt payments. 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

Nov 7th 2014
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Jason Vondrak (jvondrak)
#1 ranked lender in California - 1,690 contributions

That all depends on your current debt-to-income ratio and credit score. If you have a high amount of monthly debt obligations in comparison to your monthly income, then it will be difficult for you to get approved for a mortgage. You can calculate your debt-to-income ratio by adding up the minimum monthly payment for all debt obligations and dividing it by your monthly income. I would also recommend contacting a lender for a personalized quote. We are a California-based lender and can quickly determine your eligibility with a free quote. Feel free to call us at 858-605-0952.

Nov 7th 2014
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