A jumbo loan is for individuals in need of a mortgage loan that exceeds the conforming loan limits set by the Federal Housing Finance Agency (FHFA). These loans are unable to be guaranteed or purchased by Fannie Mae or Freddie Mac, and have different underwriting requirements compared to conventional mortgage loans.
As of 2018, the conventional loan limit size for a single family property in Minnesota is $453,100.
Jumbo Loans Offer:
- Higher loan amounts, above conventional conforming limits
- Convenience of only one mortgage and one monthly payment
- Variety of loan options
Jumbo Loans are Ideal for:
- Individuals in higher income brackets
- Individuals looking to finance a home in a competitive real estate market
- Individuals looking for a mortgage on an investment property
If you're looking to purchase a home and wondering if a jumbo loan is the best option for you, we can help. Click the link below to contact our mortgage department.