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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

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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.

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