HELP!!!!

[Warrior2000]

So our car was totaled Friday and we are under 30 days away to close on our new construction!!!! They will take our rental soon and will be forced to purchase car.

The car we are looking at is a out 16k more than what we total cost and about $200/month.

How damaging is this?

[sports1965]

depends if the extra $200/month puts your DTI above and beyond whats allowed by the bank or mortgage company

why not just rent another car until u close or buy a real cheap one just to get u thru?

[Anonymous]

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@Warrior2000 wrote:
So our car was totaled Friday and we are under 30 days away to close on our new construction!!!! They will take our rental soon and will be forced to purchase car.

The car we are looking at is a out 16k more than what we total cost and about $200/month.

How damaging is this?

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I'd rent a car until I close on the house if I were you..

[frugalQ]

First off....I'm sorry for your accident. I hope everyone involved is ok.

The monthly payment will impact your DTI. Since you are within 30-days of closing, the new loan may not show up on your credit report before, so you will probably have to provide the loan note which gives loan terms. You will also have to provide proof that the previous car (if there is a current note on it) has been paid off by the ins company.

Just talk to your LO. Having to add credit due to unforeseen circumstances don't normally lead to a denial.

In 2012 while we were refi'ing our home, my car conked out and I had to purchase a new one. The LO only asked me for the note and asked me to bring it to her so she could see my car. Nothing else was ever said about it.

[Anonymous]

frugal had this experience-

"the LO only asked me for the note and asked me to bring it to her so she could see my car."

They wanted to see the wrecked car or the new one?

[frugalQ]

rofl...she wanted to see the new one.