Please help, would I qualify for this mortgage?
My wife and I are first time home buyers. There is a specific home we like, but we are unsure if we would qualify for the mortage we need.
Here are the details:
Purchase price will be $ 550,000.
We can put 5% down ($ 27,500), so we need to borrow $ 522,500 (Which I guess qualifies as a Jumbo-mortgage)
Our annual income is appx. $ 140,000
FICO score is 720
Besides this potential mortgage, our only other debt obligations are a student loan ($ 840 per month) and a car payment ($ 765 per month)
So first of all, would we qualify? And if so, any suggestions as to where to obtain such a mortgage? Also, what is the rates I can expect on a 80-15-5 Jumbo mortgage?