question on auto loans

question on auto loansquestion on auto loans
Terrykiz asked 5 years ago

My wife and I each have an auto loan-

 

She is the cosigner on mine. Hers is solo.

 

Our debt to income is too high for USDA (we qualify for either version per the income guideline)

 

Will paying mine off hurt us?

 

I only owe around $ 9,400. hers is still 17,000. I could probably pay mine off in 6 months if I really railed on it.

 

We’re still a bit off from trying to apply for anything because we’re rebuilding, and we’ve never owned a home, so this is all french to me.

 

We have 4 credit cards between us (i have 2, she has 2, should we both get another one?), and student loans, but I dont know if we both need to have an auto loan or not.

 

Will it just lump us together and take everything in to account?

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