Tips for applying for a mortgage and loans for two new cars

[Anonymous]

My family and I are considering a relocation in the next 4-5 months.  We'll likely want/need to purchase a home and two cars.  Any tips on whether I should stagger the purchases (and if so, in what order) or any other timing suggestions would be greatly appreciated.  Credit score in lower 700s.  I'm also concerned about applying for credit after a job change.

[Tuscani]

Welcome.. Please read the Scoring 101 thread:

http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&thread.id=2654

[Anonymous]

Thanks Tuscani.  I've flipped through the links (very informative), but didn't find anything on point. 

There was an earlier post about someone wanting to purchase a boat and a house at the same time.  General advice was to close on the home first (since the boat wasn't viewed as an item of necessity).  I'm in a bit of a different position, as we'll need to have two automobiles in order to commute to/from our respective work places.

[Tuscani]

Personally, unless you need new cars now, I would wait until you close on your home to keep DTI low as possible.

[ShanetheMortgageMan]

I agree with Tuscani, keep the debt-to-income ratio low for the mortgage, as auto loans aren't as sensitive to that as mortgages are.

[Anonymous]

House first!  As a Realtor I have seen too many mortgage apps fall apart because the applicant went for a loan for furniture or a car before they closed (and that is despite my standard lecture).

Would you rather own your house and perhaps have a less expensive car OR a great car and have to rent?  That is the situation you will place yourself in if you do the cars first.

If you are being relocated by a company - see if they will rent you one car until you can settle on the house... depending on how bad they want you in that location they may be amenable to that.

Message Edited by Lady_Scarlet on 10-03-2007 11:13 AM