Mortgage Loans

[debtfree2010]

Hello,

I just got married this past summer, We financed the wedding on my credit cards $30,000, plus I already had about $20,000 in debt. I have a very old car it' s still running fine but I'm nervous because it is almost 9yrs old. My husband thinks if i get a new car it will mess up our chances of buying a home in the next 2yrs.  We are working extra to  pay down the debt but I still need a car. my credit score is only 662, I was hoping that if i can get my score up to atleast 680 in the next 6months I might be able to lease.  Would this affect our getting a mortage for another home by 2009?

Thanks

[RGordon]

I have always heard that you need at least a 680 or better to lease.

[ShanetheMortgageMan]

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debtfree2010 wrote:

Hello,

I just got married this past summer, We financed the wedding on my credit cards $30,000, plus I already had about $20,000 in debt. I have a very old car it' s still running fine but I'm nervous because it is almost 9yrs old. My husband thinks if i get a new car it will mess up our chances of buying a home in the next 2yrs.  We are working extra to  pay down the debt but I still need a car. my credit score is only 662, I was hoping that if i can get my score up to atleast 680 in the next 6months I might be able to lease.  Would this affect our getting a mortage for another home by 2009?

Thanks

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It could mess things up if your debt ratio can't absorb the new payment for the amount of home you are looking to buy... after 4-6 months it shouldn't impact your score negatively anymore.

[CreditDrama85]

you need stable income and not a lot of baddies. i have seen scores as low as 550 lease and i leased with a 625 fico