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Will purchasing a car months before purchasing a home have a negative impact?

My husband and I need to purchase a new car unexpectedly. We are looking to buy a home in 3-5 months. We both have credit scores over 780, no debit, car loan is $17,000. we are already preapporved for a home loan in the $400 range and found a home that's around $260k. any advice? by sungrown125 from Cincinnati, Ohio. Jul 3rd 2017 Reply

Henry J Daniels, CMPSI, CMHS (HenryJDanielsNationalMortgage)
#12 ranked lender in Texas - 137 contributions

You would have to speak with the lender you are working with to see how much it will impact your purchasing power.

Jul 3rd 2017
William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

More info needed to be sure, but you should be ok.. keep in mind that if the car loan is not on the credit report when the time comes for your home purchase, you will be required to provide supporting documentation to prove your monthly obligation.. As far as qualifying, without looking at all the numbers, it's impossible to say.. but since you are looking to buy something that's $140K below what you are qualified for, but taking on a car loan for $17,000.. I would think you would be ok.. But you can call your loan officer and let him go over the numbers just to be sure.. he's already got your info necessary to advise you.. I'm a preferred Lender with Arizona and California being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

Jul 5th 2017
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