Is 3 months enough time for a new car when buying ahouse?

[Takunda1]

My auto lease expires on Nov 10, 008. My wife & plan on getting into a house at the end of our rent conatract Feb, 28, 2008. If Iease another vehicle in Novemberr would that have a negative impact on my credit so much that I wouldn't be able to qualify for a home. We are planning on going FHA and all our scores are between 658-717. If you were me would you get the lease or wait until you closed on the home.

[Takunda1]

BUMP! DOn't know whay this was moved from Mortgage.....any suggestions on my question?

[Anonymous]

I would like to know this as well.  I want to buy a new car.  I currently have a lease that I want to trade in for a new car but first want to see what the affects on my credit is going to be.  I am going to be paying down all of my credit card debt within the next 6 months, but the amount of the lease is going to go up about 4 or $5000.  I know initially my scores will go down, but will they go up to what they are now by November or December of this year if I pay off 7k worht of CC debt?

Sorry to hijack your thread.....

Thanks,

Johnny V.

[shyboy]

i would wait 6 months to a year before or after you buy your house.

[Anonymous]

Yes- I agree

Avoid making major changes or applying for credit prior to a mortgage. 

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shyboy wrote:
i would wait 6 months to a year before or after you buy your house.

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