4 Best Jumbo Loans in Minnesota

Homebuyers in Minnesota can enjoy higher limits with jumbo mortgages than the traditional FHA loan limits on VA loans, FHA loans or conventional loans.

Key Terms

  • Jumbo loans offer higher limits and more purchasing power.
  • Borrowers receiving jumbo loans in Minnesota often need a smaller down payment.
  • Homebuyers can finance a big purchase like an expensive single-family home or investment property with just one financial product.

The Land of 10,000 lakes, Minnesota is famous for its outdoor life. Minnesotans large and small love to indulge in everything from ice fishing and skating to hiking and camping. Of course, the state offers a wealth of urban wonders, as well, not the least of which are the “Twin Cities” of St. Paul and Minneapolis.  

Whether you live in a small town like Big Stone or a big city like Minneapolis, you may have noticed that home prices in Minnesota are getting higher and higher, especially in areas like St. Louis Park and North Oaks.  According to the Minnesota Association of Realtors, the average sales price of a home in Minnesota is $325,000. That may be below conforming limits for now, but in many regions of the state, real estate prices are getting closer and closer to these limits, especially with newer homes. 

For the most recent year, the HDMA data places Minnesota 21st in the country in terms of mortgage origination activity, with a total of $5.36 billion in jumbo mortgages originated. If you’re looking for a jumbo mortgage in Minnesota, you’ll likely see plenty of your neighbors taking advantage of these products, too. 

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What is the jumbo loan limit in Minnesota?

The jumbo loan limit in Minnesota is $647,200 for all counties in the state. Any loan that exceeds $647,200 is a jumbo loan in the state of Minnesota. Any loan that is less than $647,200 is a conforming loan in the state of Minnesota.

What are conforming loan limits?

Conforming loan limits are set by the Federal Housing Finance Agency (FHFA), the government agency which oversees Fannie Mae and Freddie Mac, the two home mortgage companies that buy most of the home loans made in the U.S. from mortgage lenders and resell them to private investors.

Minnesota Jumbo Loan Limits (December 2022)

Minnesota county-by-county jumbo loan, conforming loan and FHA loan limits.

Jumbo loan
loan limit
FHA loan limit
Aitkin$647,200+$647,200 $420,680
Anoka$647,200+$647,200 $448,500
Becker$647,200+$647,200 $420,680
Beltrami$647,200+$647,200 $420,680
Benton$647,200+$647,200 $420,680
Big Stone$647,200+$647,200 $420,680
Blue Earth$647,200+$647,200 $420,680
Brown$647,200+$647,200 $420,680
Carlton$647,200+$647,200 $420,680
Carver$647,200+$647,200 $448,500
Cass$647,200+$647,200 $420,680
Chippewa$647,200+$647,200 $420,680
Chisago$647,200+$647,200 $448,500
Clay$647,200+$647,200 $420,680
Clearwater$647,200+$647,200 $420,680
Cook$647,200+$647,200 $420,680
Cottonwood$647,200+$647,200 $420,680
Crow Wing$647,200+$647,200 $420,680
Dakota$647,200+$647,200 $448,500
Dodge$647,200+$647,200 $420,680
Douglas$647,200+$647,200 $420,680
Faribault$647,200+$647,200 $420,680
Fillmore$647,200+$647,200 $420,680
Freeborn$647,200+$647,200 $420,680
Goodhue$647,200+$647,200 $420,680
Grant$647,200+$647,200 $420,680
Hennepin$647,200+$647,200 $448,500
Houston$647,200+$647,200 $420,680
Hubbard$647,200+$647,200 $420,680
Isanti$647,200+$647,200 $448,500
Itasca$647,200+$647,200 $420,680
Jackson$647,200+$647,200 $420,680
Kanabec$647,200+$647,200 $420,680
Kandiyohi$647,200+$647,200 $420,680
Kittson$647,200+$647,200 $420,680
Koochiching$647,200+$647,200 $420,680
Lac Qui Parle$647,200+$647,200 $420,680
Lake$647,200+$647,200 $420,680
Lake Of The Woo$647,200+$647,200 $420,680
Le Sueur$647,200+$647,200 $448,500
Lincoln$647,200+$647,200 $420,680
Lyon$647,200+$647,200 $420,680
Mcleod$647,200+$647,200 $420,680
Mahnomen$647,200+$647,200 $420,680
Marshall$647,200+$647,200 $420,680
Martin$647,200+$647,200 $420,680
Meeker$647,200+$647,200 $420,680
Mille Lacs$647,200+$647,200 $448,500
Morrison$647,200+$647,200 $420,680
Mower$647,200+$647,200 $420,680
Murray$647,200+$647,200 $420,680
Nicollet$647,200+$647,200 $420,680
Nobles$647,200+$647,200 $420,680
Norman$647,200+$647,200 $420,680
Olmsted$647,200+$647,200 $420,680
Otter Tail$647,200+$647,200 $420,680
Pennington$647,200+$647,200 $420,680
Pine$647,200+$647,200 $420,680
Pipestone$647,200+$647,200 $420,680
Polk$647,200+$647,200 $420,680
Pope$647,200+$647,200 $420,680
Ramsey$647,200+$647,200 $448,500
Red Lake$647,200+$647,200 $420,680
Redwood$647,200+$647,200 $420,680
Renville$647,200+$647,200 $420,680
Rice$647,200+$647,200 $420,680
Rock$647,200+$647,200 $420,680
Roseau$647,200+$647,200 $420,680
St. Louis$647,200+$647,200 $420,680
Scott$647,200+$647,200 $448,500
Sherburne$647,200+$647,200 $448,500
Sibley$647,200+$647,200 $420,680
Stearns$647,200+$647,200 $420,680
Steele$647,200+$647,200 $420,680
Stevens$647,200+$647,200 $420,680
Swift$647,200+$647,200 $420,680
Todd$647,200+$647,200 $420,680
Traverse$647,200+$647,200 $420,680
Wabasha$647,200+$647,200 $420,680
Wadena$647,200+$647,200 $420,680
Waseca$647,200+$647,200 $420,680
Washington$647,200+$647,200 $448,500
Watonwan$647,200+$647,200 $420,680
Wilkin$647,200+$647,200 $420,680
Winona$647,200+$647,200 $420,680
Wright$647,200+$647,200 $448,500
Yellow Medicine$647,200+$647,200 $420,680

4 Best Minnesota jumbo loans

If you’re ready to learn more about the best jumbo mortgage lenders in Minnesota, here are the top options we’ve found through our research.

1. Huntington Bank

Huntington Bank is the 26th largest bank in the United States. Operating primarily out of the Midwest, their mortgage group can service a large part of the country. Huntington has a competitive jumbo loan product with no money down financing options.

We contacted a loan officer at Huntington Bank to gather information about their jumbo mortgage and here’s what we heard back:

  • Loan amounts up to $2.5 million
  • Purchase and refinance available
  • Refinancing allows you to take up to $750,000 of equity out of your home.
  • Second homes are eligible
  • Multi-unit properties are eligible

When you’re ready to connect with a loan officer experienced in jumbo mortgages, use our form to quickly match with jumbo loan programs based on your specific circumstances.

2. Flagstar Bank

Flagstar Bank has a jumbo product in all 50 states, making it a popular choice among many people looking for higher mortgage amounts. If you’re considering a jumbo mortgage, you’ll want to compare Flagstar’s rates as part of your analysis.

We reached out to a loan officer at Flagstar Bank to get details on their jumbo mortgage. Here are the highlights:

  • Loan amounts up to $3 million on primary residences
  • Loan amounts up to $2.5 million on second homes
  • Purchase and rate/term refinance options available on primary residences and second homes
  • No prepayment penalties
  • First-time homebuyers permitted
  • No mortgage insurance options available
  • Cash-out options available on primary residence

When you’re ready to connect with a loan officer experienced in jumbo mortgages, use our form to quickly match with jumbo loan programs based on your specific circumstances.

3. SoFi

SoFi is a financial institution based in California that specializes in student loan refinance options, PLUS loans and flexible repayment terms. You might not know that they also offer jumbo loan mortgages.

We spoke to a loan officer at SoFi to discuss their jumbo mortgage options and this is what we learned:

  • Loan amounts up to $3 million
  • Down payments start at 10% and increase as the loan amount increases.
  • No PMI, regardless of your down payment amount.
  • 15-year or 30-year fixed-rate mortgage products available

When you’re ready to connect with a loan officer experienced in jumbo mortgages, use our form to quickly match with jumbo loan programs based on your specific circumstances.

4. BMO Harris Bank

BMO Harris Bank is an established player in the mortgage industry that ranks 16th largest by total assets in the country. The bank offers a full range of financial products, including jumbo loans.

We spoke to a BMO Harris loan officer to get additional details about their jumbo loan rates, many of which aren’t published. Here are some key terms and highlights:

  • 10% down to $1 million (740+ credit score)
  • 15% down to $1.5 million (720+ credit score)
  • 20% down to $2 million (700+ credit score)
  • 25% down to $3 million (700+ credit score)
  • 30% down to $5 million (700+ credit score)
  • 45% down over $5 million (700+ credit score)
  • 30/20/15/10 year fixed
  • 5/6, 7/6, and 10/6 ARMs (adjustable-rate mortgages)
  • All 50 states
  • 12 months reserves

When you’re ready to connect with a loan officer experienced in jumbo mortgages, use our form to quickly match with jumbo loan programs based on your specific circumstances.

The pros (and some cons) of taking out a jumbo loan in Minnesota

For Minnesota homebuyers, a jumbo loan delivers a major “pro”— it allows you to finance a large purchase with just one mortgage. Many people prefer this approach because the alternative can get pretty messy. With conventional mortgages, you would need several mortgages to cover an expensive or large property; another option would be to put down a very large down payment. 

The cons? Well, you will pay for your financing in the form of a higher interest rate. The approval and underwriting process can take some time, too and jumbo loans may require lower loan-to-value (LTV) ratios. Banks are exposing themselves to more risks with jumbo loans and have to vet borrowers very, very carefully. Of course, at the end of a slightly longer process, you would have a much more convenient and streamlined way to finance your home. 

Does a jumbo loan in Minnesota make sense for someone like you?

You’re more likely to qualify for a Minnesota jumbo loan if you have a great credit score, full stop. That can be a big burden for some. Take a look at your credit— if it is anything less than great or you have a high debt-to-income ratio, you may not want to go the jumbo loan route. Also, consider your savings. If you can spare enough to counterbalance the lower limits on conventional loans and pay for closing costs, then you may want to take out a traditional mortgage. If you want to keep investments or savings in place, go with a jumbo loan. 

Finally, remember you will also need to be comfortable with paying more for your loan. Many Minnesotans who take out jumbo loans accept the higher interest rate in exchange for the ease of being able to finance a large purchase with a single loan. 

If you’re looking to explore jumbo mortgage loans in other states, check out our national overview of jumbo loans as a starting point in your search.

Find a Jumbo Loan Specialist

Joshua Holt

Joshua Holt is a licensed mortgage loan originator (NMLS #2306824) and founder of Biglaw Investor. His mortgage expertise lies in the areas of professional mortgage loans, particularly for lawyers, doctors and other high-income professionals. Prior to Biglaw Investor, Josh practiced private equity mergers & acquisition law for one of the largest law firms in the country.

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