I do plan to sell my current condo; however, the likelihood of it selling before I buy something new is low. It will rent at a profit in the meantime and we’re factoring that into the income calculation.
What would y’all do?
I want to buy a new house. I currently own a condo, and although I love where I live, the HOA is a disaster/money pit and could use an extra bedroom.
I found something that checks all my boxes and is affordable (making payments wouldn’t be an issue). Unfortunately, my mortgage broker just informed me that my debt-income ratio is too high to qualify for the loan I’d need to purchase it. This is due to my car loan for the new car I just bought (totaled my last one). I have perfect credit and no other debt (no current mortgage).
I have the option to pay down the car loan and qualify for the house loan; however the car loan is at 0% APR so I was planning to let it ride for its full 36mos. I hate to spend money that could sit making more money before I need to. I technically don’t NEED the new house. I’d welcome any and all thoughts.