Hello Vince, yes that is possible. Is your wife working and has had an income for atleast two years? If so you may need her income to qualify for more. The purchase in 92626 zip code start from 375k for 3bd 2ba condo and the single family homes start from 600k for 3bd 2ba home.
You may consider conventional financing from 3% down with a minimum 620 fico score up to 417k. You may consider 5% down Jumbo with a minimum 720 fico score from 417k up to 1.5 million and 10% down from a minimum 680 fico score.
Your qualifications will be determined by your credit profile, debt to income ratios, fico scores, loan program and how much you want to invest into the down payment and closing costs. Your fico scores can be raised within 3-4 days in most cases to qualify for programs, rates and terms as necessary.
Do you have down payment and closing costs or do you need down payment and closing costs assistance? If the home prices you are considering are below 417k then you may even consider down payment assistance programs.
You could consider a down payment assistance program such as CalHFA or Sapphire Grant which can cover your down payment and closing costs. You may close with minimal out of pocket expenses. You may consider the CalHFA from a minimum 640 fico score and the Sapphire Grant from a minimum 620 fico score.
You would have to run your wifes credit and include any debt payment on an FHA loan and have to go by the lower fico score of the both of you...
If you figure out what cities/zip codes you are considering, minimum number of bedrooms and the maximum payment/price you are looking to achieve you can be emailed listings to fit your search criteria. Your email address is needed to set you up for the automatic daily updates.
Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
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