My understanding was that before the financial crisis, there were many options for getting non-conforming loans, including jumbo mortgages, second mortgages, HELOCs, etc.
Are there still alternatives to taking a jumbo mortgage in today's financial climate?
Edit: sorry, my question was not clear enough.
There was a period of time (maybe 2-3 years ago) where I was trying to refinance an existing mortgage (which at the time was a jumbo), and no mortgage company/broker would even discuss doing a conforming loan + a HELOC/second mortgage. It simply wasn't available at the time.
What I currently want to do is avoid doing a jumbo. Just as an example, if I needed to borrow $600K, I would want to borrow it as a 30-year conforming (say, $400K) plus a second mortgage as an ARM (say, $200K). This would allow me to pay down the second mortgage early but still take advantage of the low long-term rates.
So the questions comes down to whether mortgage companies are doing these kinds of mortgages anymore. Thanks for your comments.