Need advice on taking out Auto and Mortgage at same time

[Anonymous]

I'm not sure if this is a better question for Auto or Mortgage. Here's the deal. We had a car quit 2 weeks ago and need to get an auto loan for a used vehicle (around 15k). The problem is that we were also planning on applying for a home loan in just a few weeks. Will it hurt our chances of getting the morgage if we take out an auto loan? My fiance is the only person that would be on either loan as I run our start-up company and reported a loss for 2013 and 2014 because of renovation and large equipment purchases. I believe is fico scores are all in the low-mid 600's.

Thanks for any help!

[Anonymous]

Also, he has a discover card balance of $5000 that was paid of a couple weeks ago and will be reporting today so that should raise his scores some and take down that debt to income.

[elbori357]

The way I did it a few years ago. I closed on the house and the loan was funded (in florida is done at same time maybe a day after) I went and got the new cars. for me was done the same day so I leased the cars the same day. Do not get the car before the mortgae is funded.

Regards,

S.

[fury1995]

Honestly, you should be asking your mortgage lender this. I know it won't impact your ability to get an auto loan if it were the other way around but the mortgage companies are the sensitive ones, not auto lelnders.

[Anonymous]

Thank you, we scheduled an appointment with the mortgage lender for this Wednesday so we will see what she has to say.

[Lyythine]

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@Anonymous wrote:

Thank you, we scheduled an appointment with the mortgage lender for this Wednesday so we will see what she has to say.

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Ive posted before that I have not had an issue with a mortgage when I've taken out a car loan during the mortgage process. However, and probably the most important point - I had already had 2 previous mortgages that I paid in full and my credit score was 750+.  I didnt think twice about doing it, however, I would definitely take a pause if I was borderline on approval scores and/or borderline for a better tier based on scores.  

Without having your specific scores, I would suggest waiting with low to mid 600's.