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I have just saved up enough for a downpayment on a new home (first time home buyer). However, my car just completely died and no longer runs. I am considering leasing, because I don't want a car loan to take away at money for my downpayment or decrease my loan amount. Will having a car lease decrease the amount that I would qualify for on a loan? Would getting a lease hurt my credit score? How would leasing a car affect my ability to get a home loan?
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If you decide to purchase a car in cash, then you won't have a car payment to worry about. Before you make a decision check out your down payment assistance options. You may also want to see how taking out a down payment loan in addition to your mortgage payment will affect you.Based on your income situation you may qualify for a grant or only partial repayment from the down payment assistance programs in your area. You can check with your local housing authority for additionial info.You ability to qualify is subject to the abilities of your lender. Depending on the program you may find a comfortable way to do both with the resources you already have
Unless you plan on having a car OR having a house then you need to figure out how both will work in your budget. Make the best decision for you on a car and on buying a house.
Purchasing a car will most definately affect your debt to income ratio. After reviewing your situation I would suggest taking a look at CALFHA . This program can allow you to better weigh your options.
CalHFA is a program for first time homebuyers. This program can provide 100% financing, as well as down payment assistance options that may help you make the decision to buy that new car, or put what you have down on a new house. Some options may even help you get a loan for your down payment that you can pay back at an interest rate you won't find anywere else.Take a look at this link, and let me know if you have any questions.http://www.calhfa.ca.gov/homebuyer/programs/index.htmHope this helps.
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