FHA and a car loan

[Mark B.]

Good morning all!

I'm looking to get started in the next few months with purchasing my first property. Chances are, I'll be using an FHA loan to get myself into a 3/4 plex (house hack). I'm also looking to get rid of my car and get a used sedan or suv that will be more practical and reliable, especially since I'll be looking to manage and do minor repair work myself (my car can barely fit just me in it let alone supplies) . I'm looking at cars with 200$ a month or less and I'm wondering what the effects of getting a car loan would have on my future mortgage.

If i got that car payment started in June, would i have a hard time getting an FHA loan in July/Aug?

Thank you!

[Ryan Dossey]

I would seriously wait for you loan to close before you go and buy a car. Deals fall apart all the time because the borrower buys a different car, or furniture, a boat, etc. Don't lose a home over it. Just wait and call it good.