Advice Needed on home purchase CA

Advice Needed on home purchase CA
SamanthaInila asked 3 years ago

Here is my situation:
My income is $ 125k a year but have FICO of 650.
Spouse’s income is 80k a year with about 710 FICO
We have $ 200k for a down payment

We want to buy a home that is $ 840k. We can put 20 percent down or all the $ 200k which would be about 24 percent.

Front end DTI around 15%
Back end DTI around 35%

Assuming 20 percent down that leaves mortgage amount of 672k. So a jumbo loan.

What options would we have for qualifying? My fico is low so not sure what we can do. My parents have 720+ credit and good income as well, could they co-borrow or co-sign along with my spouse?

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