I've been working on both my and my wife's credit for a little over a year. We've now gotten to the point of somewhat respectable scores and would like to preliminarly look to see what loan options we would qualify for.
Of note:
- Combined gross income of $165K. (Entitled to additional $15K bonuses)
- My middle score is 680, hers is 670
- Low DTI - zero credit card debt. One car payment of $500, and one school loan of $300.
- Still have some negatives on both of our credit that I'm trying to get rid of.
We are looking at homes of roughly $525K (East fort lauderdale - unfortunately the going rate)
We do not have 10% to put down. I had been reading about possibly 3% and 5% loan options. The loan officer I spoke to said that the only program they have is for greater than $415K - you had to have a minimum of 10% down and greater than 700 scores. I asked if this was just within her company and she told me that those were freddy/fannie guidelines.
Can someone let me know if that is true. That I have no other option but the 10% down? I'm fairly confident that there is some low hanging fruit I can get rid of in order to get my scores to the 700 needed. I just wasn't anitcipating having to put down 10% as a minimum.
Thank you. Sorry for the long winded post.
