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auto loan question about owning home?
Posted on December 26th, 2009 2 comments
dulvalius asked:
Me and my wife’s name are on the mortgage, when a lender checks my dept to income percent, after they run my credit and see the house payment and credit cards etc; do they allocate the full house payment in to my dept or half of it since my wife is part owner as well?I only have a $920 a month house payment and 2 credit cards with no balance, after doing the math of 16-20% DTI it doesnt leave me a whole lot to bargain with a monthly payment for a car, I make $3200 a month. But I have also read that lenders dont want your dept to exceed 40-50% gross pay which sounds alot better to me, Im aiming for a $400-450 car monthly note.
looking at $22,000-$25,000 total loan amount for auto, 750ish credit score with 11 months for home mortgage… 2 years of one credit card and 7 months of another around $500. limits, thats my credit history .
ODELLCredit 7 Months, Auto Credit, Auto Loan, Credit Card, Credit Cards, Credit History, Credit Score, Full House, Gross Pay, Home Mortgage, Lenders, Loan Question, Math, Owning Home, Whole Lot2 responses to “auto loan question about owning home?”
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car companies are begging people to buy cars from them so you dont have to worry about that because if you cant keep up with the car payment they come and take the car. so you dont have to worry about that. If you own a house thats the main thing.
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Vette01 December 31st, 2009 at 00:05
if your name is on the loan then you are responsible for all of it. If you default on a car loan and the bank has to take it back, the car has lost value and the bank will lose money. You should be able to get a car loan with your score, the question is what rate will you have to pay. A Credit Union should give you the lowest rate.
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sara December 27th, 2009 at 15:54