Car loan 6 months prior to escrow

[Mickey11]

Hi there,

I have an employment opportunity coming up that requires me to do more driving and we are a 1 car family, we have a lease up in 6 months, along with a new construction home that should be ready by December. I am looking to purchase a car at just under $10k. I'm not sure what our DTI ratios are (I need to check with our loan lady) but is this a shot in the foot to our whole operation here, not sure what to do.

Thanks!

[Hoya08]

Do you plan on acquiring 2-vechiles once the lease is up?

If not, a $10,000 purchase (financed) should not affect your DTI for a home purchase; assuming the "new" payments are less than the lease payments.

If you plan on financing/leasing 2-vehicles in Dec, then your DTI will decrease and may reduce your mortgage loan amount, and may also affect your interest rate due to the credit inquiries.  However, you can offset the morgage loan decrease with down downpayment.

[Mickey11]

We wouldn't purchase/lease a car after the one that's coming up is due until we are clear of escrow. If need be we will rent a car until we are through escrow and everything is signed and dotted,

[Hoya08]

If the lease expires after your settlement date, you won't have anything to worry about.

But it sounds like you already have a plan in place if the lease expires before the settlement date.