Question Details

Annette Madd…, Home Buyer in Windsor Mill, MD

taking out a loan for 5,000. will that hurt me when purchasing a home for the frist time. I owe 8,000. on my

Asked by Annette Maddox, Windsor Mill, MD Mon Mar 24, 2008

car. will it hurt my chances in buying a home if I took out a loan for 5,000. which will be going toward the closing cost.

Help the community by answering this question:


you like debt, so the bank probably likes you, because they make money from you.
if you pay your bills, they like you.
for a loan, they are going to look at your debt to income ratio.
if you don't know what that is, ask the bank.
they will help you


good luck
0 votes Thank Flag Link Mon Mar 24, 2008
You should definitely talk to your lender. Typically borrowing money for a down payment is a big no-no, however there are some exceptions such as using a HELOC loan which is secured with collateral.

In terms of what you owe on cars/credit the lender will be looking at your income to debt ratio. See the link below for more info on that:

Good luck,
Susan Walker
0 votes Thank Flag Link Mon Mar 24, 2008
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