How to buy a homestead property and avoiding jumbo loan rates?

[Steve S.]

I'm having a home built that I will live in.  After I put my 20% down, the loan is about $449,000.  This is, of course, higher than the $429,000 threshold for a jumbo loan.

What are the best options here to try to avoid the higher interest rates?  The best rate I'm able to find on $449,000 is 4.75 paying 2 points.

Can the bank typically do this as two loans?  I could probably pound the note down below $429,000 pretty quickly, but don't want to be saddled with a higher rate for 30 years and would also like to avoid paying an additional $3,000 or whatever it is to refinance again later.