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Old 05-08-2011, 01:15 AM
 
71 posts, read 139,704 times
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I planning to be a first time home buyer. I thinking of take a car loan with in this month.But will that effect the home loan process which i will be doing after 4-5 months
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Old 05-08-2011, 07:23 AM
 
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I don't know how things are now, but think they are a lot tighter when we bought our first home many years ago. I would check with your lender, but we were told not to do anything besides the house loan for the six months prior to the house. The day after you get your mortgage - all bets are off!

Good luck.
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Old 05-08-2011, 10:26 AM
 
71 posts, read 139,704 times
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Thanks for your reply. Right now we want to buy home that's our top priority and wanted to check on the forum has anyone got home and car loan back to back.
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Old 05-08-2011, 10:28 AM
 
53 posts, read 169,695 times
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Quote:
Originally Posted by DallasDream View Post
Thanks for your reply. Right now we want to buy home that's our top priority and wanted to check on the forum has anyone got home and car loan back to back.
I would 100% wait on the car loan if you can. It will impact your debt to ratio and could slightly lower your FICO as well.
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Old 05-08-2011, 06:27 PM
 
Location: DFW
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Yes, buy the house first
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Old 05-08-2011, 10:48 PM
 
Location: Fort Worth, north TX
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I agree - buy the house first. We got a house and car loan back to back, but it was house first, and car loan the following month. Most lenders will tell you not to do anything that could change your credit position prior to closing on your mortgage.
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