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I am looking at my options of renting vs buying

I just purchased a more reliable vehicle. My lease is up in Oct. Would it be possible to purchase a home at this time?  Should I consider leasing a home for a year?
  • April 18 2014 - US
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Answers (4)

Hello there,

Just to answer your question: no, a recent vehicle purchase wouldn't outright disqualify you from obtaining a mortgage. Where it might hurt is in your debt-to-income ratio, so you will likely qualify for a smaller mortgage loan.

Also, I take issue with the notion that you should view a home purchase as an investment opportunity. Whenever you feel comfortable, reach out to a licensed loan originator to see if you may qualify for a mortgage, and how much you may qualify for. Unless you are going to use the home for investment purposes (buy it, rent it out), it will definitely be in your best interest to just focus on buying a home in a neighborhood that you can see yourself living in for the foreseeable future. If you have any questions, please feel free to reach out to me.

Hope this helps!
  • April 18 2014
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Hi Dear,
Buying a house vs renting is not just a year or two plan. it is more than any thing an investment opportunity for at least 3-5 years of investing and holding your money to grow. It all depends on where are you planning to live and for how long? your budget and your income and condition of the market area you are planning to live.
good luck,
Giti
  • April 18 2014
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Go speak to the loan officer at your bank and ask questions. It never hurts to speak with a lender to see what options you have. You don't need to pull credit, just ask questions and get some real answers then decide.
  • April 18 2014
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It is very difficult to tell with the minimal informatoin that you have provided. There is a possibility that you could purchase at this time but there is a lot more to consider than just that you recently purchased a car. To give you a better answer I would need to know your credit history, amount of monthly liabilities, job history, and monthly income, just to name a few.

If you'd like to discuss further feel free to reach out to me via my zillow profile.
  • April 18 2014
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