• Jumbo Loans (over $484,350)

  • Any home loan in Minnesota, Wisconsin, or South Dakota that will be over the current conforming loan limit of $484,350 is considered a Jumbo Mortgage Loan. The limit may be higher in other states

    This really means that it no longer fits the acceptable loan limits for a Fannie Mae or Freddie Mac conventional loan program, and are also known as non-conforming loans.

    This also means the guidelines change for these large loans.  The two biggest changes over a conforming loan, is jumbo loans have larger down payment requirements, and also have stricter credit score requirements. Current interest rates are similar to conventional loans.


Share via
Copy link
Powered by Social Snap