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... the Boston area is a high income area with a conforming limit of $465,750 ...

I believe that's a jumbo conforming, with rates slightly higher than a conforming loan of $417k or less.

But you can still go to the jumbo market and only put 10% down. I'd hate to burn up so much of your reserves for a down payment when you can get a mortgage with 10% down instead of 20%. Then if things should go badly for a period of time (job loss, sickness, injury, things like that) you'd still have your savings to keep the mortgage current and buy food. That extra $65k down payment would get you through 18 months of your proposed $3500 per month mortgage payment if you still had it in your pocket.

It's an option to consider, and one that you seem to be unaware of or have eliminated without explanation. Not that you owe anyone an explanation, of course. It's just that internet kibitzers tend to fill up these kinds of information voids.

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