I had planned on applying for a mortgage loan Feb/Mar 2023 but now I have to wait. I bought a new car in May 2022 and that car was totaled Jan 1, 2023 when a driver ran a red light and hit me. I already received confirmation from the at-faults insurance company that my car loan will get paid and I'll get a check for the excess money. My outstanding car loan was $32K and the payout is $45K.
I've not applied for new credit since June 2022 in preparation of applying for a mortgage this year. That was until last week because I bought a new car. And of course my credit took a minor ding from the hard pulls.
As of last week my score is between 710-720, depending on the bureau. Credit reports are clean. Annual income is $160K and about $3500 in monthly household debt. Credit usage averages 4% with over $100K of unsecured available credit.
Given the recent car purchase, how long should I wait to apply for a mortgage? The homes I'm interested in are between $275K-$325K.
Thank you for any insight.
