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?