Do you have a taste for luxury homes over $647,200? Homes over this threshold are not eligible for conventional conforming loans and a special mortgage is required.
A Jumbo Loan is your solution to owning that luxurious home of your dreams. It is also referred to as a non-conforming conventional loan. These loans are not guaranteed by Fannie Mae and/or Freddie Mac but you can choose from 15 or 30 year terms, a cash-out refinance option, and no mortgage insurance, if you meet the jumbo loan requirements below.
Features & Benefits of a Jumbo Loan
- Loan Amounts Over $647,200
- Single Family Primary Residence or Second/Vacation Home
- Cash-Out Refinance Option
- No Mortgage Insurance
Jumbo Loan Requirements
- Minimum Credit Score of 660
- Max Debt to Income of 43%
- Max LTV/CLTV of 89.99%
- Maximum of 4 Financed Properties
- Reserve Requirements
Access An Existing Mortgage Account
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Looking for more information about Home Loans? Visit the South Dakota Housing Development Authority.
Loan rates and terms may vary. All loans subject to credit approval. Contact a banker for further details.
