My fiance (with better credit than I) is going to co-sign with me for the new (used) family car. The loan will be for about $6000. Will this hurt our chances for getting a home loan in about 6 months when we move?Is it hard to get a mortgage with a 6k car loan?
Yes it will affect your PURCHASING POWER you have to stay below a total of 35% to 40% of your total income for all bills in order to qualify so choose wisely HOUSE OR A CAR!!Is it hard to get a mortgage with a 6k car loan?
depends on your outstanding debt before the loan
and your score and income combined , savings etc etc
if your score is less than 600 most banks wont even look at yr income for the loan
regulations r much stricter since the recession started
each time a bank or other institution looks at yr credit it knocks the score down a few points , any deliquencies or defaults as well as bankruptcies have a negative effect so before u go buy that car make sure u qualify for a loan together on that new home good luck
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