Would leasing a car impact my ability to get a home loan?

I am planning to buy a house within the next few months and, because of some unanticipated events, I am in need of a car. I am considering leasing a car for $150 a month. Would leasing a car impact my ability to get a home loan? I have no loans at this point.

Debt, Financial Planning, Real Estate
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May 2018

yes the car payment would count against your debt to income ratio.

 

Depending on your income and how much you are planning on spending it may not be a big deal. On the other hand if you are stretching to buy a house, it may be the difference between qualifying for the home loan you want and not.

 

You may want to talk with a mortgage pro to get pre-qualified, and to see how much that car payment will matter on your personal mortgage application needs.

 

Best of Luck

 

David Rae- The Fab Financial Guy

May 2018
May 2018