If I have more than 2 care notes will this help or hurt my credit if I want to buy a house?

Answer 1

If your overall credit rating is good, you should have no problem. In buying a house, the mortgage company looks at your income to debt ratio to determine if you qualify and if you do, what your interest rate will be. The company will look at all debts in your name and will compare your indebedness to your income.

Answer 2

Home mortgages are based on Collateral-The capacity to pay ( debt to income ratios) -and Credit. It certainly could. How ever with that having been said, There are thousands of mortgage offerings out there. You may have to state your income or not ratio your income for example and you WILL pay a higher rate of interest. No if you earn lots of $$ and can fully ratio your debt with the fully indexed loan you are looking to get. This would be a total debt to income ratio of no more than 45% with all debts including your new home with all taxes and insurances included. The only payments that will be excluded are installment loans with less than 10 months to pay in full.
I hope this helps.
I am a mortgage banker in Tennessee. If buying in this state I can help you.

Answer 3

It depends on how you have been making payments. If you have never been late it should help your rating.
In general the rule of thumb is that your total debt should not be more than 35% of your monthly income. The higher the car loan payment the lower the amount someone will lend you for a mortage. Generally debts that will be paid off in 12 months or less are ignored in this calculation.

Answer 4

If you live in California that doesn't matter. There are so many ways around that. But It also depends on you DTI(Debt to Income) that's the difference in a good loan officer and a bad one....if your in California I can help Email me or You can do yahoo messenger:hamedamel email:[e-mail]

Answer 5

its all about your income:debt ratio---credit score matters some, but not as much as aforementioned