Qualifying for Home Loan on 320k house

jphst · Joined: 19 May 2010 Posts: 1

My wife and I were planning to purchase a home early next year, but found the perfect home now and are trying to consider ways that we could make this work. The home has been on the market a long time and there's still review that we'd have to do, but we'd like to know if there's even an option for us.

Here's the situation

My income
77k anually - 8k bonus at end of each year - employed over 6 years at same company
60k saved for down payment
Credit score = 770

Wife = Full-Time student
Income as of January 2011 = 110k
760 credit score - not sure if we'd even apply with her on the mortgage though since she has zero income at this point.

The house that we're interested in is currently listed at

320k
Taxes = 7500/year

We have additional savings as well, but would prefer to keep it as an emergency fund.

If we cannot qualify for the mortage, the owner is considering renting the house and we may do that until we can qualify. Thoughts?