You should feel confident about your loan scenario. The one thing you should consider is that $417,000 is the maximum conforming loan limit so if you want one loan at $510,000 then you need a portfolio lender that does not sell their files to Fannie & freddie. However, I think a better option is a combo 1st and 2nd mortgage. While there are few lenders who are originating 2nd mortgages behind a conforming 1st mortgage, we still are at Flagstar Bank. We are a top national home lender and offer very competitive programs and rates, especially since we offer combo loans.
As of Friday's pricing (new rate sheets come out at 10:00 am Monday), I could do the following loan:
1st Mortgage $417,000 @ 6.625% (Par Price)
2nd Mortgage $93,000 @ 6.5% (Prime + 1.5% - Par as well)
* If you want zero origination, then I could run your first mortgage at 7.00% - no change on the 2nd.
If you have any questions, please give me a call. I am right up in Asheville, NC and I can originate in all 50 states - I actually do quite a few loans in Atlanta.