Jumbo Home Loans in Minnesota
Minnesota, the land of 10,000 lakes, has a little something for everyone. Whether, you are looking for a quiet cabin in the woods, a lake home, or a condo in the Twin Cities, Minnesota has a wide range of homes for you. However, if you plan to live in Minneapolis/St. Paul, or some of the surrounding suburbs, you may be in need of a jumbo home loan.
A jumbo mortgage loan is a home loan with higher limits than those set by Fannie Mae and Freddie Mac. Fannie and Freddie have their conforming home loan limits set at $417,000; anything over that and you will need a jumbo loan. However, there are stricter requirements for borrowers who plan to purchase a jumbo mortgage. First of all, you will need above average credit. Most lenders will only accept credit scores of at least 700. You will also be required to make a more substantial down payment. Conforming loans require as little as 3% down for certain loans, most jumbo mortgage programs require you to put down 20% or more.
Jumbo home loans can be a smart option for many people. Today jumbo mortgage rates are the same, if not better, than many conforming loan rates. If you are looking for a home in Spring Park, Dellwood, Wayzata or other prosperous towns in Minnesota a jumbo home loan might be just what you need. Feel free to contact United Home Loans with any questions you may have regarding Minnesota jumbo home loans.