Mortgage w/low down payment

[Anonymous]

Hi All!

The forums here have been a tremendous resource for information about all things credit related.

I have a scenario that I'd like you guys to vet:

My wife and I are looking to move in the next year due to the space constraints of our current home and the attractive low mortgage rates.  I'm thinking that I will just break even on the house I currently own so that means I'll need a new down payment and closing costs for the new home.  My wife and I have been lucky because our household income has increased dramatically in the last 2 years.  So here are the stats:

Looking to mortgage - 450-500k

Credit Scores - All above 740 for the both of us

Debt: 1 student loan at $250/month

Take home: around 12k/month + bonuses

My dilemma is that we don't have a tremendous amount of cash.  Questions:

Are mortgages still available that only require 5% down?

Is it still possible to get an 80/15 mortgage or would we have to go conventional and pay PMI? 

Can you use 401k money to secure a mortgage? 

Thanks to all in advance! 

[DallasLoanGuy]

2nd liens to 95% are extremely hard to come by.

few lenders do them and you have to have perfect credit. doable, just hard for a lot of folks.

 straight 95% all day long.

[Anonymous]

Thanks for the reply! 

I was trying to get out of the PMI payment obviously.  

Another question regarding the credit piece of things: what scores are the lenders using when my wife and I are both on the mortgage?  Both middle scores?  An average of the middle scores or some other combination?

[DallasLoanGuy]

all scores/bureaus are considered in underwriting/qualifying.

the lowest middle is used for pricing the loan on the risk matrix as well as being used as the score for program cutoffs. ex:lowest middle would have to be over 720 or 740 for the purchase money second lien