Jumbo loans, as loans for more than $417,000 are called, are popping up.  In some areas it took at least a 25% downpayment to begin to qualify.  Now it can be possible to get a jumbo loan with 20% down.  While the credit scores need to be 720 or higher there may be some easement coming there too.  Assets may also now be considered in addition to bolster creditworthiness.  Assets have not been considered much in the recent downturn. 

As of today, our mortgage loan officer has told me that she can get a 30 year fixed rate jumbo loan now for 5.75% (with a 5.82% APR) and a 5/1 ARM for 5.0% or slightly under (with an APR of 4.1%).  So, if you are considering "moving up" you could be purchasing a home for somewhere in the $525,000 or more range if you have putting about $105,000 down. That would mean a monthly P&I of about $2451/month.  Of course, you would need to add property taxes and insurance to that monthly amount to get your total PITI (monthly payment). 

What are some properties that might be available in this price range?  Here are some in the Chapel Hill schools.