DTI is the comparison of your income vs. your debts including the new mortgage payment. So while you say your DTI is low now, are you also including the projected mortgage payment in that calculation?
Do you know what loan program you are aiming to qualify for, and if a hit to the scores would still make it possible for you to qualify? Nevermind I just read the title of the post. With FHA financing a 676 score is fine, but some lenders have a slightly higher interest rate if your scores dip below 660. As long as they don't fall below 640 you should still have plenty of options.
Is it that your current car is on it's last legs, or is a new car needed for something else (like you need a new car for work/driving clients around, etc.)?
Like networkguy says, if you absolutely need to get the car loan, you can actually have your credit checked by a mortgage lender for pre-approval first, then get the car loan, document the new payment with the note, etc. and it can be added to the application/manually added to automated underwriting so it's taken into consideration. Some lenders re-check credit prior to closing, for that very same reason (make sure no new debts pop up) and some will use the new scores off of that credit report (majority will use the original scores). Credit is always re-checked after it's 90 days old (on resale) or 120 days old (if it's new construction property), with the new scores being used.
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