It is possible for you to get a jumbo loan... for Jumbo loans, you can visit:
http://www.eaglenationwidemortgagetx.com/

It might very well be possible, but it is seriously ill-advised.
I would be glad to discuss it further with you, if you would like to e-mail me: bryan.furse@metrobrokers.com

Update on this answer. You may look into doing a first mortgage at $417,000 and a second with a credit union that deals with second mortgages. The companies I use require scores above 760 and DTI (debt to income) of around 32-36%. I am doing a jumbo loan right now where the client is bringing 5% down payment. Call me if you would like more information: 770-255-3831 Academy Residential (.com)

Yes. Financing is available with 10% down. Most likely you wil be doing an 80/10/10, where your first mortgage will be 80% of the sales price, 10% will be a second mortgage from another lender or the same, depending on which bank you use and 10% of your own funds. There are some lenders that offer 1 loan at 90%, however, the mortgage insurance and rate is higher going that route. Another great way would be to do the first mortgage at $417,000 (the maximum conforming loan amount) and the second mortgage for the remainder up to 90%. This will give you a better rate on the first. Now, if the sales price is in the $700,000 range, it makes it a little more difficult to get a second mortgage company to loan $200,000 with a $417,000 first. Being a first time homebuyer in this market, unfortunately, doesn't give you any advantages (especially with your income).

Yes, you can, Rain. I gave you a list of lenders yesterday to contact. If you need more info, please email or call and I will follow up as soon as I can. Good Luck!

Michael Hammond
SellsRealty@gmail.com
404-538-5499