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High Income, High Credit Score, Low downpayment

My Fiancee and myself have a combined gross income of $235,000 and credit scores above 750.  I have $300 in monthly debts while he has $2400 (child support, student loans, personal loan debt)  Right now, we're living in an apartment but want to take advantage of the great interest rates.  At the end of 2013, we will have about $40,000 for a down payment with the majority of his debt being paid off in early 2014 leaving him with $1300 in monthly debt.  We want to either purchase or build our "dream" home spending between $500,000-$600,000.  My question is, is there a loan available to people in our situation OR is it better to continue living in an apartment through 2014 to attain the 20% down payment?  Would an 85/10/5 loan be appropriate?  We're both first time homeowners.   Thanks!
  • April 02 2013 - Cincinnati
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Answers (3)

With your given scenario there are a lot of options today that will help you buy or build your dream home. 

[Content removed by Zillow moderator due to self-promotion. Please refer to our Good Neighbor Policy for more information] to discuss in greater detail, being there is a few things here to help explain and educate you on.

Thanks.

Best of luck!
  • July 26 2013
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It certainly would not hurt to sit down and discuss this information in more detail with a lender. It is very tough to say it is a better call living in an apartment through 2014 with the type of volatility interest rates have had recently.
  • July 26 2013
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Profile picture for daveskow
depending on  where you are located ...there might be soem decent options with 10% down available
  • April 02 2013
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