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robin_7983 · Joined: 26 Jan 2010 Posts: 1 1.32 Dollars($)

my husband and i have a 53% debt income ratio.We can afford to pay off all credit card debt but not the two vechilce payments which would leave us at a 43% debt income after.
We already own a house and are wanting to sell and buy a new one in a new city.
Would we quaify for a new mortgage with a 43% debt income ratio?
Is it better to pay off all credit cards and paydown on the vechicle payments or try adn pay off one vechile and work on paying off credit card debt and teh other vechile?
thank you

gmakerley · Posted: Tue Jan 26, 2010 11:29 am Post subject:

i'd think you would be best served to eliminate the high interest rate credit card debt, and then maintain them in a manageable fashion for the future. 43% isn't a terrible ratio if that's what it'll end up when you go seeking a new mortgage. all else being equal (credit scores, job stability, assets), you'd stand a good chance of qualifying for the new loan you seek.

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