First time home buyer, questions on Mortgage, Down Payment, Offer price?

This year myself and my partner started new careers, and make a combined $95,000+ a year, going up to $150,000 about 5-7 years. We are currently renting, and have used the extra income to pay off debt (student loans, and minimal credit card debt). We have set a price range of $180-225,000 even though we could... show more This year myself and my partner started new careers, and make a combined $95,000+ a year, going up to $150,000 about 5-7 years. We are currently renting, and have used the extra income to pay off debt (student loans, and minimal credit card debt). We have set a price range of $180-225,000 even though we could afford up to $350,000. We based our price range off our current take home income, not gross income, or future income.

We currently do not have the 20%, and it would take about 3-4 months to come up with the 3%. We chose to pay down debt verse setting the money aside for a down payment. My credit score is well above 760, and my partners is around 700. In todays economy I know there are not many 100% loans, but there are some 80/20's (same thing but packaged differently). What is the chance of us qualifying for one of those loans? Any lenders you recommend for 80/20 fixed?

We found a home in a community that is still being built, but the buyer lost it in escrow. The original buyer ordered the home in Nov of 06, and lost it by the time the home was finished March 07. The home is 2,500 sq ft, 4 bed, 3 bath, on an average sized lot but with good spacing between homes. The original price of the base home was $254,900, and the home has $80,000 in upgrades, for a total of $334,900. That current base model is $234,900, plus the $80,000 in upgrades is $314,900. The builder wants $254,900, and no one has ever lived in the home during the 2 years.

The price was dropped about 6 months ago, but it still seems a little high in the current market. The agent in the office said they would take another $15,000 off, so $239,900. I have talked to a few people that recently purchased homes, and they have said to offer around $225,000. Does that seem reasonable? The builder is not building a home for anyone right now, just 3 homes to have available for anyone that might want to buy.
Update: I looked into the FHA, but the income cut off is around $72-77,000. I was looking at buying early 09, and using 08 income taxes where it shows our income isn't as high. I was told they use the last 3-4 months pay stubs, which would be $8-9,000 a month. We make to much for the FHA program, unless you know of... show more I looked into the FHA, but the income cut off is around $72-77,000. I was looking at buying early 09, and using 08 income taxes where it shows our income isn't as high. I was told they use the last 3-4 months pay stubs, which would be $8-9,000 a month. We make to much for the FHA program, unless you know of loopholes?

btw There is a program for teachers, around $5-7,000 towards closing or down payment, but the cut off is $55-65,000. I need to find out if that is purely the teachers income or the combined income.
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