My wife and I have jobs and our credit score is roughly 580.

Not saying this info is wrong just looking for additional guidance and advice. 

You won’t have a payment if you don’t use it, just like a credit card. 

@Jonathan Bock They paid for background/credit check.

additionally sometimes the listings are just garbage, cell phone pics, or no pics, and limited info will easily make a listing sit. 

I pay off my credit cards, and save like crazy for the next down payments.  

My biggest issue is that my credit most recently took a hit, dropped 100 points from 740-640.

In general if sellers are looking for a larger down payment we try to introduce them to local credit unions or lenders that can utilize compensating factors for qualifying on more favorable long term financing solutions. 

If you’re interested, I can set you up with full access and some free credits to explore the platform.

It's so close, but then I would be out of pocket for the additional rehab beyond 112k if I am reading this correctly.