Mortgage & Car Loan

Anonymous · ‎07-23-2009

*sorry MODS, if I posted in wrong place*

Hi Everyone,

Okay. My intentions are to apply for a FHA loan this comming month. However, I wanted to appy for BMW financial as well. I know a house is more important but I also could use a newer car as well.

Im just concerned that my FICO scores, Which is the best way to handle this????

Should I apply for the Mortgage first? But then when I apply for the car and they see a New mortgage will that hurt my chances?

Or should I apply for the car first then the Mortgage? IM SOOO CONFUSSED.

HELP

Kris~

Message Edited by krisosa on 07-23-2009 06:54 PM

Message Edited by krisosa on 07-23-2009 06:56 PM

RobertEG · ‎07-23-2009

It depends on your current FICO score. If you are borderline, the mortgage lendor will probably have some concern about your acquisition of new debt via an auto loan at the same time you are asking for a big loan with them.

What is your current FICO score, and what are the derogs in your CR?

Anonymous · ‎07-23-2009

Hi,

Well, My current Fico's are now 690's, I have 2 paid collections of 139.00 and 249.00 that's it, oh and sears 60 day late back in 2000 that I can't get removed. Should I apply for the house loan first?

TY!

Kris

Message Edited by krisosa on 07-23-2009 08:31 PM

fused · ‎07-23-2009

Never app for anything right before house hunting. Its the house first, then the car.

Anonymous · ‎07-23-2009

Thank you !

Makes sense..........I .Just had a dumb moment I guess (lol)

Kris