If you’re applying for a mortgage in Minnesota, it’s important that you learn more about the latest rates available through the leading lenders across the country. The maximum loan limits are set once a year for loans on specific types of property. In this latest post, we’ll explain our guide to Minnesota mortgage rates and the limits placed on loans in the region.
$453,100 is the Loan Limit for One-Family Properties
The maximum loan available for a one-family property is $453,100 and any loan above this amount for a home that can house one family is considered to be a jumbo loan, which comes with its own separate rates in Minnesota and will require you to speak with a jumbo loan expert.
The limit for a two-family property is $580,150, with any loan above this amount requiring jumbo loan terms. The limit for a three-family home is $701,250 while the limit for a four-family home is $871,450. It’s important that you speak with your local lender about the available mortgage rates in Minnesota before settling on a property and choosing a rate price.
There are also FHA loans and USDA loans, which each have separate loan limits depending on the county in which you buy the property. So, this can become complicated for those with limited experience buying properties of this type.
Considerations for Jumbo Loans
If you find that your loan amount exceeds the limit placed upon housing of that type in your area, then you must speak with an expert for jumbo loans. The following should be considered when applying for jumbo loans
- Jumbo loans are operated by specific companies and not only lenders offer them
- You will have to present comprehensive documentation when applying for jumbo loans
- The application process for jumbo loans can be longer than applying for conventional loans
Our team at The Mortgages Diversified Team at Summit Mortgage has significant experience in helping clients apply for and receive jumbo loans. To learn more about your loan options and the latest changes in the Minnesota marketplace, call today.