Although the urge to buy a new vehicle may be strong, abstain if you plan on purchasing a Jacksonville Florida home in the near future. When a lender is trying to determine if you are qualified for a loan, they look at your debt-to-income ratio. This ratio is a percentage of your gross monthly income that you spend on debt. This will include monthly housing costs, taxes, insurance, and homeowner’s association fees. It will also include consumer debt like credit card debt, student loans, installment debt, and car payments. Suppose you earn $5,000 a month and have a $400 car payment. At an approximate interest rate of 8%, you would qualify for about $55,000 less than if you did not have the car payment.  It is in your best interest to wait to buy a car until after your North Florida loan approval.