How soon after closing on an FHA loan can I get a car loan? and Phone Call with President about Student Loans

How soon after closing on an FHA loan can I get a car loan?

My husband and I are closing on a fha loan on Wednesday. How long after closing should I wait to buy a slightly used car? I know not to do anything in til we have closed but after that can I apply for a car loan?


loan best answer:

Answer by Kris H
In today's credit world this is a good thing to be cautious of. It is common today for lenders to update their credit report at the last minute to make certain nothing new is on the report, and if something new shows up they have and could pull the loan.


Based on this I will give a few answers.

1) Getting used to the water: You may want to wait until you get over the many little tings that come with getting into a new home, like the new payment, utilities and shelf liner etc that come up. Although if your mortgage payment is equal to or under what you were paying and/or you have been saving a fair amount in the past it may not even matter. You could ask your lender how tight the debt to income ratio is for you and your loan.

If you are not positive you will be at ease with the new payment amount, it is wise to wait until you have some time with the new obligations that come along with a home. Perhaps even two to three months. This would allow you to get a better feel for what you will be able to afford.

2) On the other side, once the all of the following have occurred:

Lender has funded
Deed has recorded
and you have the keys

the lender is not likely (or able) to pull the loan back.

3) If the mortgage is being brokered (resold to another investor/bank,) within a few weeks that should be completed as well, so 2-4 weeks is likely long enough to have this process done, it could even be done within a few days. You could ask the lender-they might know how the funding process works.

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Phone Call with President about Student Loans


Image by MDGovpics
Governor O'Malley takes phone call with president about student loans by Tom Nappi at Governor's Office, State House, Anapolis, Maryland

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