Put down less than 20% to get a jumbo rate?

I just got off the phone with USBank that says basically I need a $815K house I bought to appraise for at least $809K to fall in to jumbo territory.

Their jumbo rates are 4.75% and their 30 year conforming fixed is 5.25% (so ~$200 difference in monthly mortgage payments).

He said that if I don’t appraise for at least $809K I can:

Put down less so that I stay in jumbo rate territory Pay the PMI for a month Pay off the loan enough to get back in to 20% equity territory and cancel the PMI Keep the 4.75% rate.

Is this normal/sound?

submitted by /u/fxthea
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I just got off the phone with USBank that says basically I need a $815K house I bought to appraise for at least $809K to fall in to jumbo territory. Their jumbo rates are 4.75% and their 30 year conforming fixed is 5.25% (so ~$200 difference in monthly mortgage payments). He said that if I don’t appraise for at least $809K I can: Put down less so that I stay in jumbo rate territory Pay the PMI for a month Pay off the loan enough to get back in to 20% equity territory and cancel the PMI Keep the 4.75% rate. Is this normal/sound? submitted by /u/fxthea [link] [comments]

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