We recently decided to go for home purchase (first time buyer) as interest rates are expected to climb this year. Looking for $ 700K loan on around $ 850K purchase price. My EX/EQ/TU FICO is 720 ~730.
However I have 4 HP’s / 4 new credit card accounts (Chase Saphire, Cap1 Venture, PenFed, Citi Costco) in the last 3-4 months, all approved with total credit limit of around $ 75K, applied them mostly due to 0% Balance Transfer/travel points/etc when I had no intention of house purchase at that time.. Due to huge available credit my util went below 3% from 20% and mean FICO 8 score from 3 beruaus at around 720 (came down slightly from 740 due to AAoA pulling down for new accounts while offsetting low util benefit). I have just about 6 months more payments remaining on Auto Loan.
Would like to know how lenders look into the recent / new credit card accounts when underwriting the mortgage loan. Will I be approved at all, or should I wait for like 6 months or so before I can apply for my first mortgage. Thanks