Will this effect us getting a mortgage?

[swtneka]

We were planning on getting a mortgage at the end of the year but unfortunately we got in a bad car accident Monday and now have to get a new car. We never had an car note b4 but the value that the insurance gave us is 6000 and we can not get a decent car with that so we r planning to use that plus what we saved for the DP on the house as a DP on the car n get a low note but once we get our settlement pay it off. Now our home buying has been put on the back burner til late Jan early Feb. I know this will effect our dti but we plan on paying it off by time we apply for the mortgage. Which means this will not only be a inquiry but a short tl on my report. I am wondering how the LO r UW will look at this and the fact that a big deposit will not be seasoned and that the short tl will it mess with our score?

[austinguy907]

You should be fine to move ahead.  This is extenuating circumstances and you'll probably only need to write something up to explain it for your file.  I wouldn't worry about it too much.  Keep a copy of any checks you get from the settlement as proof of where they came from for UW.  

Other than that you shouldn't worry about it too much while getting your life back together from the accident.