Will buying a new car to replace one destroyed in an accident affect ones credit enough to hurt a mortgage loan application?

I'm really sorry to hear about your husband's accident. To tell you the truth, there is a good chance that it may not matter. However, I'm extremely paranoid about things like this.

I'm always very stressed with every property purchase, as it really is all up to the lender. Getting away with it and not having the lender find out isn't necessarily difficult, but it's an awful lot to risk. If I were you, I'd look at any and every alternative.

Can you rent a car until closing? You're more likely to get away with it than not, but it's a really big part of your life to gamble with. Also, if you have a mortgage broker, you won't be able to get half way through your story before they scream "NO, DON'T DO IT!

I'm sorry to hear about your husbands accident and I hope that he wasn't injured. It doesn't seem logical that having to buy a new car under these circumstances should affect the situation regarding approval of your mortgage. However, stranger things have happened and if I was in your situation I would contact the mortgage company, tell them what has happened and ask if there is any way that buying a car at this time would jeopardize your mortgage application.

If you get an assurance that there would be no problem, make sure that you take a note of the persons name and which department they work in. If you have applied through a third party. Such as a broker, ask them as well.

If you still have any lingering doubts, it might be an idea just to buy a cheap "run around" for cash if you are able, you can always get a better car later on, but to move to the house that you really like is not something so easy to do. Good Luck!

If you use only the money you get from the insurance payment to purchase a replacement car, then it will not affect your mortgage prospects. If you obtain a loan the finance the purchase of a new car with a price beyond the insurance payment, then it will reduce the amount you can borrow to buy a house because there are debt payment limits within the mortgage calculator. Thus, I would advise that if you must buy a replacement car, buy a used car with a purchase price lower than the insurance payment.

You may have to replace it sooner, but at least then you will already have a house. Hope your husband wasn't injured and is doing well.

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