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Buying a house, paying off repo w/loan

New Visitor

Buying a house, paying off repo w/loan

For some reason I can't reply to a message I already posted.  I'm wondering if it would be a good idea to pay off the balance I owe on a repo (car, $6000) with a personal loan.  Will that make my chances of getting a house better?
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Super Contributor

Re: Buying a house, paying off repo w/loan

It might and it might not.  It might because the repo would be paid off, but it might not because then you would have a payment on the personal loan that would be figured into your debt to income ratio.  With details on your situation it'd be easier to give a more specific answer.
Helping people with mortgages (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
Located in Orange County, CA and lending in all 50 states
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