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.
What is the jumbo loan limit in Minnesota?
The jumbo loan limit in Minnesota is $726,200 for all counties in the state. Any loan that exceeds $726,200 is a jumbo loan in the state of Minnesota. Any loan that is less than $726,200 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 (September 2023)
Minnesota county-by-county jumbo loan, conforming loan and FHA loan limits.
Minnesota County | Minnesota Jumbo loan (1-unit) | Minnesota Conforming loan limit (1-unit) | Minnesota FHA loan limit (1-unit) |
---|---|---|---|
Aitkin | $726,200+ | $726,200 | $420,680 |
Anoka | $726,200+ | $726,200 | $448,500 |
Becker | $726,200+ | $726,200 | $420,680 |
Beltrami | $726,200+ | $726,200 | $420,680 |
Benton | $726,200+ | $726,200 | $420,680 |
Big Stone | $726,200+ | $726,200 | $420,680 |
Blue Earth | $726,200+ | $726,200 | $420,680 |
Brown | $726,200+ | $726,200 | $420,680 |
Carlton | $726,200+ | $726,200 | $420,680 |
Carver | $726,200+ | $726,200 | $448,500 |
Cass | $726,200+ | $726,200 | $420,680 |
Chippewa | $726,200+ | $726,200 | $420,680 |
Chisago | $726,200+ | $726,200 | $448,500 |
Clay | $726,200+ | $726,200 | $420,680 |
Clearwater | $726,200+ | $726,200 | $420,680 |
Cook | $726,200+ | $726,200 | $420,680 |
Cottonwood | $726,200+ | $726,200 | $420,680 |
Crow Wing | $726,200+ | $726,200 | $420,680 |
Dakota | $726,200+ | $726,200 | $448,500 |
Dodge | $726,200+ | $726,200 | $420,680 |
Douglas | $726,200+ | $726,200 | $420,680 |
Faribault | $726,200+ | $726,200 | $420,680 |
Fillmore | $726,200+ | $726,200 | $420,680 |
Freeborn | $726,200+ | $726,200 | $420,680 |
Goodhue | $726,200+ | $726,200 | $420,680 |
Grant | $726,200+ | $726,200 | $420,680 |
Hennepin | $726,200+ | $726,200 | $448,500 |
Houston | $726,200+ | $726,200 | $420,680 |
Hubbard | $726,200+ | $726,200 | $420,680 |
Isanti | $726,200+ | $726,200 | $448,500 |
Itasca | $726,200+ | $726,200 | $420,680 |
Jackson | $726,200+ | $726,200 | $420,680 |
Kanabec | $726,200+ | $726,200 | $420,680 |
Kandiyohi | $726,200+ | $726,200 | $420,680 |
Kittson | $726,200+ | $726,200 | $420,680 |
Koochiching | $726,200+ | $726,200 | $420,680 |
Lac Qui Parle | $726,200+ | $726,200 | $420,680 |
Lake | $726,200+ | $726,200 | $420,680 |
Lake Of The Woo | $726,200+ | $726,200 | $420,680 |
Le Sueur | $726,200+ | $726,200 | $448,500 |
Lincoln | $726,200+ | $726,200 | $420,680 |
Lyon | $726,200+ | $726,200 | $420,680 |
Mcleod | $726,200+ | $726,200 | $420,680 |
Mahnomen | $726,200+ | $726,200 | $420,680 |
Marshall | $726,200+ | $726,200 | $420,680 |
Martin | $726,200+ | $726,200 | $420,680 |
Meeker | $726,200+ | $726,200 | $420,680 |
Mille Lacs | $726,200+ | $726,200 | $448,500 |
Morrison | $726,200+ | $726,200 | $420,680 |
Mower | $726,200+ | $726,200 | $420,680 |
Murray | $726,200+ | $726,200 | $420,680 |
Nicollet | $726,200+ | $726,200 | $420,680 |
Nobles | $726,200+ | $726,200 | $420,680 |
Norman | $726,200+ | $726,200 | $420,680 |
Olmsted | $726,200+ | $726,200 | $420,680 |
Otter Tail | $726,200+ | $726,200 | $420,680 |
Pennington | $726,200+ | $726,200 | $420,680 |
Pine | $726,200+ | $726,200 | $420,680 |
Pipestone | $726,200+ | $726,200 | $420,680 |
Polk | $726,200+ | $726,200 | $420,680 |
Pope | $726,200+ | $726,200 | $420,680 |
Ramsey | $726,200+ | $726,200 | $448,500 |
Red Lake | $726,200+ | $726,200 | $420,680 |
Redwood | $726,200+ | $726,200 | $420,680 |
Renville | $726,200+ | $726,200 | $420,680 |
Rice | $726,200+ | $726,200 | $420,680 |
Rock | $726,200+ | $726,200 | $420,680 |
Roseau | $726,200+ | $726,200 | $420,680 |
St. Louis | $726,200+ | $726,200 | $420,680 |
Scott | $726,200+ | $726,200 | $448,500 |
Sherburne | $726,200+ | $726,200 | $448,500 |
Sibley | $726,200+ | $726,200 | $420,680 |
Stearns | $726,200+ | $726,200 | $420,680 |
Steele | $726,200+ | $726,200 | $420,680 |
Stevens | $726,200+ | $726,200 | $420,680 |
Swift | $726,200+ | $726,200 | $420,680 |
Todd | $726,200+ | $726,200 | $420,680 |
Traverse | $726,200+ | $726,200 | $420,680 |
Wabasha | $726,200+ | $726,200 | $420,680 |
Wadena | $726,200+ | $726,200 | $420,680 |
Waseca | $726,200+ | $726,200 | $420,680 |
Washington | $726,200+ | $726,200 | $448,500 |
Watonwan | $726,200+ | $726,200 | $420,680 |
Wilkin | $726,200+ | $726,200 | $420,680 |
Winona | $726,200+ | $726,200 | $420,680 |
Wright | $726,200+ | $726,200 | $448,500 |
Yellow Medicine | $726,200+ | $726,200 | $420,680 |
3 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.
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.
Need a jumbo loan in a different state?
If you want to find the best jumbo loans in other states, click on your state below.

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.