Good evening, and good question.
You are surely in an advantageous position with your debt-to-income ratio, and given your amount of down payment. There are programs out there that will cater to your upper 600 credit score, and I applaud you for exploring your options given this INCREDIBLE time in our history to take advantage of such an investment.
A $320,000 loan amount, at 5.50%, and assuming $800 per year for insurance, and $5,000 per year in taxes (this is a big moving target, and I would appreciate the opportunity to explain more about this to you), would be approximately $2,300 per month.
Please visit my website at http://www.DoorToDreams.com,
and we would appreciate the opportunity to speak with you further, provide you more information on the process, the incredible tax advantages in-place right now to buyers, and even that in the current stimulus package that looks even more advantageous to purchasers.
I hope to hear from you, at your convenience.
Derek Bauer, Associate Broker / Realtor
Real Estate One - West Bloomfield
734.678.4745 - cell