Are we likely to be approved for a 5% down conventional loan?

[avv7c0]

Our builder seems to think that we most likely would not need to do FHA, and could get a 5% down conventional loan instead.
 
From what I read in the FHA vs. Conventional loan, it seems like this would be a good thing if we could get it. Anything we should be aware of between the two, based on our application criteria below? How will this impact our closing costs if we did conventional over FHA?
 

My wife's Equifax score is 714, we're pulling score reports on the others. My scores are listed below in my signature.
She has at least one charge off on her report from about 4 years ago. She cosigned on a motorcycle loan with an ex-boyfriend and he bailed, taking the property with him.
Combined income is $134k, not including overtime pay.
The housepayment would be 14% of our GMI.
Our debt to income ratio with current rent and insurance payment is 27%, and 15% without the house stuff.
Thoughts? Do lenders (we have to go Wells Fargo for the builder incentives) even offer a 5% down conventional these days?

[cdtotten]

5% down conventional loans are still around, at least in my area. The hard part is not getting the loan, the hard part is the private mortgage insurance companies having extremely strict standards that must be met. It's not even just the borrower (although credit score, history, etc. are all very important), it is also the type of house, location, comps, etc. Most of the PMI companies here want the perfect borrower to approve or they will walk away.

That being said, remember it will be the lowest middle score from both of you that dictates the loan, and with conventional, your credit scores do matter in your rate and your PMI approval. Good luck going forward.

[Jason845]

I just closed a 5% down mortgage, and my financial situation in very similar to yours.  If your DTI allows, try for the Fannie Mae My community Mortgage using only one person's finances, this is what we did.