Can I get a mortgage?

[nurseerica]

Looking to buy a 550K home.  I have an income of 220K and have been at the same job for 12 yearss.  I only have 50K to put down which will leave me with no reserves.  Reason being is I settled all my debt which I accumulated during the recession over the past few years.  My Equifax Fico is 691 but I may be able to get it up to 700 since I have a couple items under dispute.  Haven't pulled the other two yet.  Will I qualify with this small down payment and no reserves even though I have a high salary and average credit?

[tooleman694]

It depends on where you live.

For example here in Texas where I live, there is no way you could do it with that down payment. However back home in Cali you have more then enough down payment to do it.

[nurseerica]

I'm in Florida.

[StartingOver10]

Possible.  Your PMI will be high unless you can get your score up.

[BrianB_The_Loan_Professor]

What part of Florida - you may have the option of either an FHA loan (depending on the limit in your area)

and of course a Conventional Jumbo loan

You will want to look at both options if available and then decide which one works best for you

You should be able to find someone that can run the numbers and check on both for you

Good Luck

Brian

[nurseerica]

Hillsborough County.  I believe the FHA limit is 417K.  I am worried I can't get a conventional jumbo with only 10% down and just average credit.