I just worked on a transaction with figures just below that, hovering around $530k (loan amount was about $450k) and the couple had credit scores of, gasp, 537 and 640, respectively (no joke). They brought about $100k to closing, so I think their incomes were what helped them, maybe think about that in your situation.
They were able to get a loan from a bank (they went through a mortgage broker who is fantastic!) and if you would like their contact info, just shoot me an email, and I would be glad to give it to you. Email: firstname.lastname@example.org
I look forward to hearing from you and Good Luck!
Just so you know US Bank will not do 90% LTV on a purchase and they have a lot of different and in some cases just ridiculous requirements. For example, if the buyer is interested in a foreclosure or short sale, US bank will reduce the max LTV to 80%.
There are definitely products available to assist you in your home purchase. You may also want to explore blended mortgages so that you can avoid Jumbo's, but that will depend on your risk threshold. I am a certified buyers representative if you need representation. Best of luck.
Thanks for your post.
There are a number of options. We offer up to 90% financing. Since you are already at 80 then you're golden!
Congratulations on having found your first home! Let me know if you have any further questions!
Eagle Nationwide Mortgage Co. - Thomas.Stevens@ENMCdirect.com
Federally Chartered - a division of Eagle National Bank
Hope this helps.
Century 21 Commonwealth
Jerry Sachs, Mortgage Consultant