Buying within the next year + auto soon

[Anonymous]

My sister, brother-in-law, and I are looking to purchase a 3BD/2BA condo for around $150,000 within the next year or so. I'm wondering if buying a new car now would affect that negatively in any way? I'm looking at buying a new Scion for around 20K. My scores are around 700 (fluctuate up and down) and I have outstanding student loans (but I am still in school so they are in deferment). I'm trying not to do anything with my credit that will harm our search and ability to get a loan in any way. I just need to get rid of my truck with gas prices!

[ShanetheMortgageMan]

It depends on if your debt to income ratio could absorb a car payment or not.  What are all of your guys incomes and what are all of your guys monthly payments (car, credit card minimums, student loans, etc.)?   Student loans that are in deferment for 12 months past the closing date do not need to be included in the debt to income ratio for FHA loans, but for conventional financing are included in the debt to income ratio regardless.

[Anonymous]

I had a loan on my truck, which was $160 - my payments for the new car will be around $300ish. I make $30,000, my brother-in-law is similar to me income wise (30K), and my sister makes $42,000. I keep my credit cards low (less than $500 optimally, sometimes higher than that), but do not know for sure my sister/brother-in-law's current cc situation. I won't start paying my student loans until late 2010 (same with my sister). My brother-in-law has a student loan that he is paying on now (I think its $20,000).

[ShanetheMortgageMan]

As long as the total payments, outside of your proposed $300/mo car payment, doesn't exceed $2k/mo you should be fine to purchase the $150k condo.

What is the reason you are going for a condo instead of a single family residence?  How much would a comparable single family residence in the area you are looking at buying in go for?

[DallasLoanGuy]

get pre-approved first.....

then

dont do ANYTHING without asking your loan officer.

there are LOTS of nuances to loans.