When taking on the financing process for a mortgage loan, it’s critical that you know the limits in place across the state. Our team at the Mortgages Diversifiedteam at Summit Mortgage Corporation has great experience in helping clients save on their mortgage rates in Minnesota, and within this latest post, we’re presenting a guide to the marketplace for this year.
One Family Loan Limits
The vast majority of clients entering the marketplace this year will be those looking for a loan for a one-family home. The current limit for a conventional mortgage loan on a one-family home is $453,100. This limit is in place to ensure that families can maintain their mortgage for the years ahead and to protect the integrity of the financial marketplace.
Two Family Loan Limits
If you’re investing in a property that is designed to host two families or more it’s important that you know the loan limits in place. The current conventional loan limit for a two-family home is $580,150. Make sure that your investment is below the limit to avoid paying additional interest for the loan.
Government Loan Limits
Government loan options such as FHA, VA or USDA may have different loan limits, sometimes based on the county where the property is located. Contact our team for details to find the right option for you.
If the loan that you are using to purchase your property doesn’t comfort to these limits, then you may face yourself having to acquire a jumbo loan. One of the leading challenges associated with jumbo loans is that they may require more documentation for the lender to approve the loan. You may also find that you’ll be paying higher mortgage rates for your jumbo loan in Minnesota. And so it’s important that you work with a respected specialist such as the Mortgages Diversified Team at Summit Mortgage Corporation, in going through the loan application process.
Our team at Summit Mortgage Corporation can guide you each step of the way in getting your loan approved and in reviewing the documentation required for your home loan. We can help you to understand the current marketplace and ensure you consolidate your costs while achieving the ideal loan for your financial position. To discover more about our work in the industry and our services, call us today.