Jumbo Loans Minnesota

Jumbo Loans Minnesota

Jumbo Loans Minnesota

Program Details, Requirements and Rates

When you’re looking to make a purchase or to refinance a higher-priced home that is in Minnesota, a Jumbo Loan from Good to Go Mortgage could be the way to go.

Lenders usually approve mortgages based on a list of standard criteria. With Jumbo loans Minnesota, the lenders are able to use additional, more flexible requirements to help qualify more clients. The lenders are in a position to use their judgment. This means there are some differences between lenders, and that it is possible to manage an approval with some flexibility.

See Today’s Jumbo Loans Minnesota Rates

Jumbo Loans Minnesota – Conforming Loan Limits

Minnesota jumbo loans are required for home buyers who want to purchase or refinance the home that requires a mortgage higher than the Minnesota conforming loan limit. That limit is currently $424,100, as it is in most neighbourhoods in the nation.

Jumbo Loans Minnesota Requirements

In Minnesota jumbo loan requirements do vary, so there is some flexibility. Good to Go Mortgages solves complex Minnesota jumbo loan issues, every day.

Jumbo loan home buyers occasionally have higher credit scores, low debt-to-income ratios, and large down payments. Based on these factors, here are the guidelines for Jumbo Loan Programs within Minnesota.

Level 1 – Minnesota Jumbo Loans

  • Minimum 15% down payment

  • Minimum credit score 680

  • Finance $2 million

    Jumbo Loans Minnesota Counties
    Minnesota Counties
  • Investment properties in Minnesota are eligible

Level 2 – Minnesota Jumbo Loans

  • Minimum 15% down payment

  • Minimum credit score 700

  • Finance $2.5 million

  • First time home buyers eligible

  • Investment properties in Minnesota are eligible

  • Eligibility flexibility

Level 3 – Minnesota Jumbo Loans

  • Minimum 10% down payment

  • Minimum credit score 661

  • Finance $2.5 million

  • Condos permitted

  • Non-occupant co-borrowers permitted

  • First time home buyers eligible

  • Investment properties in Minnesota are eligible

  • More Additional Eligibility flexibility

Some lending guidelines permit some flexibility for approvals for Minnesota jumbo loans. This will depend on the other positive aspects of your application like your credit score, cash reserves or type of employment. The lenders also consider intangible aspects like if you are likely to get a promotion, an increase in income, or if you have worked somewhere for longer than is minimally required. Your lender wants to help you own that home, so they work hard to be flexible enough to allow it.

Minnesota Jumbo Loan Terms

Options for Minnesota Jumbo loan terms:

  • 30 Year Terms Jumbo Loans

  • 25 Year Terms Jumbo Loans

  • 20 Year Terms Jumbo Loans

  • 15 Year Terms Jumbo Loans

  • 10 Year Terms Jumbo Loans

  • Jumbo ARM Term options 5 years, 7 years and options for 10 years are available in Minnesota

Preapply for a Minnesota Jumbo Loan online now.

54321
(0 votes. Average 0 of 5)