Thanks HLS…..this is good to keep in mind as I had never thought of getting 2 loans such as this one to avoid jumbo loan…never had to think about it in the last few years…We sold our home recently (it had been on the market for a long time) and are waiting for the prices to drop further before buying. In the meantime, we wanted to learn more about our options so when we do buy, we will be able to ask the mortgage broker all of our options. We want to buy a new home so most likely will have to go with the broker the builder is associated with in order to maximize on the builder incentives. I thought it would be best to know my options as the builder’s broker may not provide as many choices for me. I think we should be able to get a good loan as our credit scores are over 700, 20% down, stable jobs, 401Ks, etc.
Although home prices are going down, I think most people buying a house in CA will still need a jumbo, so I hope most are exploring their options. Thank you for your help.
