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Okay, if you need to finance 100%, you'd probably want to do an "80/20." That's an 80% 1st ($96K) and a 20% 2nd ($24K) on a $120K house. Financing 100% will limit your choices. Can you borrow 5% ($6K). Also, can you come up with the closing costs? The non-recurring closing costs (NRCCs) can be paid by the seller, sometimes you can make this acceptable by goosing the sales price a little, so the seller's not losing anything. (As long as an appraisal will support the goosed price).
ARM = adjustable rate mortage. They're available where the rate is floating right away, or with a "fixed period," say 3, 5, 7, or 10 years.
"Seasoned" means time has passed by, in this case down payment money shows in the last 60 days bank statements without any large, unexplainable deposits.
One issue is your wife's income- will it qualify to cover the debt load. If so, a "full doc" loan will have better terms. If not, going "stated" will limit your options and affect the rates.
Do you know what your wife's FICO scores are?
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