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Nick P | Buying a Car and a house at the same time.... Good Idea? |
I was looking for a new apartment and noticed that where I live I can buy a decent house for under 45,000 dollars. I added it all up and realized that a ten year term loan at about seven percent intrest would cost me hundreds of dollars less a month than what I am paying in rent right now. I figured I could live in it fix it up as I go along and five or so years down the road when I have gained some equity in the home sell it. I make about thirtyfive thousand dollars a year and have a credit score around the 680 area. I could put down about a fourthousand dollar downpayment. The only problem I am having right now is that I seriously need a new car, and I was going to have USAA bank cut me a blank check to purchase the vehicle. What do you think my chances are that I could buy a car, and then within a month or two try to purchase a 45,000 home? Do lenders consider age when buying a home? Would I be scrutinized for being under 25?
Thanks
Additional Details
Oklahoma City, Oklahoma has one of the lowest cost of livings in the entire United States. If I remember correctly housing here is cheaper than anywhere else in the U.S. I have at least a hundred houses out there under fortythousand dollars. Many of them brick homes. |
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KEVIN B
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In your calculations make sure you are allowing about 600 a month for the house, because you will have mortgage, taxes, insurance, repairs, upkeep and any kind of fees your neighborhood has.
The car should also be thought of because you have to get full coverage insurance and the note and gas prices are very high.
It sounds like its possible for you to do it, but you are cutting it very close as far as your expenses versus income. You should be sure you have a fallback in case you come up short, because both of your loans are collaterally based - meaning you could lose your assets for them. |
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bostonianinmo
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If you're dealing with USAA bank, just call them and tell them what you're thinking of doing. They are a great bank -- the ONLY one I'll deal with -- and will work with you. They do home mortgages in all states so they can work the whole thing with you.
You might consider a late-model used car instead of a new one to keep your debt-to-income ratio on track. USAA can help you decide what you can afford reasonably for both loans so that you don't shut yourself out of the mortgage market by buying too much car! |
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mistyriver69
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buying a home is a big thing at ANY age. if you have a bank, go there and sit with one of thier loan people and see what they say about that, im not frankly sure to be honest with you, i do know that is a good price for a home and most likely you could do it. but i suggest sitting in your bank and talking to a loan officer and see what they think. buying two big items at once can hurt ya if your not careful . Also how about getting a good sized loan from your bank instead of taking out two notes only take one.. with enough for your down payment on your home and a decent car, i wouldn't get new , maybe one out of your local newspaper to get you by, then you forgo worrying about getting a home. take about a 10,000 dollar loan pay the 4000.00 on the home as a down payment, then use some of the extra 6 to buy your car with. that is what i would do |
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fortitudinousskeptic
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Whoa, STOP! Do NOT buy the car yet.
Buy the house. AFTER you CLOSE the deal at the closing, THEN buy furnishings, a car, etc.
You can screw up your credit score and available credit really easily doing things out of this sequence, and that would probably cost you the house. Even if it didn't it would give you a much higher interest rate on your mortgage.
So.....after you close on your house and have your mortgage squared away with the bank, then buy the other things. It will save you a lot of money in interest.
P.S. - venicefloridarealtor is full of it......and of all the properties I've bought and sold every time the realtor has either told white lies or outright lies. Beware of anyone's advice on here who has property to sell you or a mortgage to offer. If they're offering you mortgage services they make more money if you buy the car first. If they're selling you a property they might get a higher sale value if you are needing to finance for a longer period of time. Stick with what's best for your own pocket. |
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mattpartrich
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As a loan officer I would suggest that you purchase the house first and then buy the car as the car will count against your debt ratio and may make qualifying more difficult. Lenders cannot discriminate based on age, but with that being said they can discriminate based on credit history, income, and assets. Most want to see at least 3 trade lines with 24 month history but this does change from lender to lender. |
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venicefloridarealtor
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Oddly enough, I have heard that there are statistics out there saying that people who buy a home are likely to buy a car within a short period of time thereafter. You are living proof, although you are doing it in reverse!
Check with your lender on that level of buying activity - if your credit record, income and expenses will still make it ok to buy a car now, you should be fine. Your lender will know.
FYI, lenders should not discriminate on the basis of your age.
Good luck and best wishes. |
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jmt
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45k? you must live in Detroit! seriously though.. stick w/ the house idea as it's a great investment in your future. a car is never a good investment, just a luxury. |
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mazziatplay
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As long as you are of legal age to execute a contract you can buy a home. The only possible negative impact buying the car first could have is if the payment to USAA negatively impacts your debt to income ratio.
Consult with a mortgage banker about your ability to qualify before making a decision. |
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Zasu
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If you are going to buy a house, put the car purchase off until after the closing.
It will make a difference. |
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Nick
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Probably be scrutenized. They look at just about everything. But I never thought it's a good idea to buy a car and house at the same time. Just too much stress. Depending on how much you need it, you should get it. Just nothing too expensive. I would wait more than five years to sell the house, depending on the market where you live. |
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Just Human
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All you need is good credit sounds like your on the right track. |
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John
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What city and state do you live in that has houses for only $45K??? |
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pinky1234544
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No you weeney!!!! |
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