What you need to know about Minnesota Jumbo Loans
The jumbo mortgage loan market in Minnesota is hot. A Minnesota jumbo loan, also known as a non-conforming loan, is any first mortgage loan that exceeds $417,000. Banks and mortgage lenders are actively competing for jumbo mortgage borrowers in this state and many others throughout the United States. Typically, the spread in interest rates for conforming (a first mortgage loan $417,000 or less) and jumbo loans is .500% and 1.00%. However, recently that spread has narrowed as banks want to win business in the Minnesota jumbo mortgage market.
Although it was almost unheard of 3 to 4 years ago, mortgage lenders and banks have recently introduced jumbo financing with as little as 10% down. Meaning, you can purchase a home for up to $833,000 in Minneapolis, St. Paul, Eden Prairie, Rochester, Duluth, and many other Minnesota cities with only a 10% down payment. While interest rates for jumbo Minnesota mortgages are slightly above the record lows set late last year, these mortgage rates are still incredibly low by historical standards. As interest rates of home prices continue to increase, today remains a fantastic buying opportunity and one that certainly won’t last.
If you have questions about jumbo mortgage loans in Minnesota or a conforming, FHA or VA mortgage loan please contact United Home Loans today. One of our experienced mortgage bankers would be happy to assist you with your financing needs.
Minnesota Jumbo Mortgage Rates
MN 30 Year Jumbo mortgage as of July 15, 2013 4.490%/4.506 APR
MN 15 Year Jumbo mortgage as of July 15, 2013 3.625%/3.652 APR
MN 5/1 ARM Jumbo mortgage as of July 15, 2013 2.990%/2.807 APR
MN 7/1 ARM Jumbo mortgage as of July 15, 2013 3.490%/3.072 APR
Please click this link for APR assumptions and more MN mortgage rates.