Should I sell my car to get a higher home loan?
My husband is the only one working now, we are trying to take advantage of the first time home buyer tax credit, but we only qualify for $165,000 USDA, the broker is recommending us to sell our car (2006 Duran go, family car) to get approved for $240,000. If we do that we will loose about $5000 that we paid up front for the car. I should be getting a job soon, I hope. Should we just rent for another year?
Asked By: Rica1990 - 9/14/2009
Best Answer - Chosen by Asker
You cannot base your income on the words "soon" or "I hope". You have no idea when you will be getting a job and there is a HUGE gap between buying a house for 165k and 240k. I wouldn't sell the car personally. You may be upside down in the loan still and you would lose more than you would gain. Stick to whatever... More
Answered By: My Take on It - 9/14/2009
Additional Answers (2)
Well, the car will do nothing but loose money. In most cases a home will not. I sold a nice car back in the 90s to buy a new home, the money I lost on the car was made back in a year by the house resale price. I may be able to assist you in the job market, just let me know firstname.lastname@example.org
Answered By: Bill - 9/14/2009
You are looking to over extend your selfs. STOP IT... More
Answered By: Rudy - 9/14/2009
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