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Thread: Credit question

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    Default Credit question

    How long after a major purchase (car) should you wait before making another major purchase (house). I can get a house cheaper than or a nice one for the same price as rent. Please advise

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    Default Re: Credit question

    The answer to this question should be based solely on the individual.

    Do you have a good FICO score? Can you show a good verified income for two years? Do you have any negative credit lines, judgments, or unpaid bills? Are you going to relocate soon or are you going to stay put? If you have good financial history and your mortgage would cost you less than rent for a similar property (plus RE taxes) then in this economy it probably makes sense to make the jump to owner.
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    Default Re: Credit question

    When buying a home, your credit score actually plays a very minor role. Your income, income history (tax returns), debt-to-income ratio, etc all play a much bigger role. If your credit is or was already good, before or after you bought the car, you already qualify for the best rates. Like Bahuba said, it is the black marks on your credit history you need to worry about rather than a score fluctuation of a few points.

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    Default Re: Credit question

    It really depends. There is no magic number of days or months before you can qualify for a mortgage, however- a lot of times when you buy a car your credit will get pulled many, many times and a lot of inquiries can hurt your FICO score. Also, a high car payment can affect your debt to income ratio which determines how much mortgage you will be qualified for. Once you have 10 or less car payments, your mortgage lender can omit this debt.

    If you have further mortgage related questions please feel free to PM me. I can advise you without your personal info.
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    Default Re: Credit question

    What are the cons of being a home owner? Aside from paying for everything to be fixed out of pocket...

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    Default Re: Credit question

    Real estate taxes, possibility of losing value, if you want to move, you will have to find someone to buy or rent your house.

    Buying a car shouldn't have an impact on buying a house, as long as you can afford both.

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