Asked by Tristan Runyan, San Diego, CA • Sun Feb 1, 2009
Hello Everyone! First time poster, and hoping for some answers as I get closer to my first home purchase. I have strong cash reserves, a credit score of 790, no debt and a first time home buyer. While I haven't found my ideal house yet I am looking at a single family home in the $700k to $900k range. One of my concerns is around financing. Given my strong financial background, I assumed I could get a good 5% 30-yr fixed if I put down 20 or 30%. But a friend of mine recently told me I can only acquire that rate for a loan up to $417,000. So If I was to purchase a $800k house, and put $160,000 down, then the $640,000 loan would have to be a "jumbo" rate, which would have a significantly higher interest rate! Is this really the case?! I just assumed I would be the ideal first-time home buyer, and was really looking forward to locking in a low interest rate in what I think is starting to become a good time to buy a house. Would love any advice.
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