Asked by Homebuyer, New York • Mon Oct 31, 2011
Hello, I am a potential first time buyer looking for advice on purchasing a home. I am in my mid 20's and have had a steady job for three years plus. My goal is to purchase a home in the next 8mo-1yr, with at least 35k down for a 190k max home price in queens NY area. My credit score is upper 700/lower 800 range. Student/private loans paid in full. No balances on credit cards. Only debt is a car loan. How do car loans affect qualifications for home loans? Is it more important to have a larger down payment or little or no debt (car loan in my case) when applying for a loan? I am only a few months into the auto loan. Please advise.
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