Would a Big Purchase affect my Qualification?

Home Forums Purchase Program Would a Big Purchase affect my Qualification?

Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
    Posts
  • #69396
    Jay1988
    Member

    Because of Covid-19 my ability to ride public transit has been halted and I need to purchase a car to get around. My MRF is around 3k and I have 24k in savings. The car I am looking at is 13k,I would pay cash for it.Would this affect my qualification?

    #69425
    TTrumble
    Member

    Hello Jay1988,

    Nobody is going to be able to give you a definitive answer here. There are several other factors that come into play such as where you are in the process, your Minimum Required Funds (which should be okay according to what you have written), your monthly savings pattern, etc. You will have to discuss it with your counselor so all the factors can be taken into consideration.

    The biggest positive is that you plan on paying cash. A new credit account, even in such a situation, would have caused a setback.

    My best guess is that you’ll be okay. You’ll need a Letter of Explanation, a copy of the purchase contract, and show on your bank statement where the money for the purchase came from.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    • This reply was modified 3 months, 2 weeks ago by TTrumble.
Viewing 2 posts - 1 through 2 (of 2 total)
  • You must be logged in to reply to this topic.
Follow us on Facebook RSS Feed Follow us on Twitter