07-07-2012 03:27 PM - edited 07-07-2012 03:29 PM
Gross automotive payment to income ratio of less than 25%.
how can i calulate that. I make $33k annual income?
the payment would be NO MORE than 600
07-07-2012 06:43 PM
If I were you and going to buy a house at the end of the year, I would wait to buy a car.
And, if you need a car, then get a beater that you pay cash for so it doesn't impact your debt to income to purchase your first home.
Find out from your LO's what your current ratio's are with the new projected house payment and the max amount allowed for your backend ratio. You probably don't have a lot of room in the back end ratio after your "new" house payment. The LO should be able to give you good guidance on these calculations.
07-08-2012 06:12 AM - edited 07-08-2012 06:13 AM
i dont need a new car but i was going to do a lease, and i saw that with bmw leasing and was just curious.
A lease will impact the amount you can buy too. The key is to get the figures from your loan officer for the max amount you can allocate to other debt and then take out your current debt obligations so you see what is available for a lease. Of course, if you are dreaming....dream all you want We all have to have a goal that makes it worth while!
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