4 Best Jumbo Loans in North Dakota


Jumbo mortgage loans in North Dakota offer higher purchasing limits than conventional mortgages.

Key Terms

  • Limits on North Dakota jumbo loans far outpace the ones on conventional loans.
  • A North Dakota jumbo loan can require a smaller down payment.
  • Borrowers can use a single loan to finance a property instead of combining multiple mortgages.

Rated number one in the Untied States in terms of quality of life, North Dakota offers a safe lifestyle, welcoming neighbors, and lovely communities. You can also find some unique and beautiful landmarks, including Theodore Roosevelt National Park and Devil’s Pass. 

Finding a new home is becoming more complex, however, as home prices keep rising.  According to the North Dakota Association of Realtors, the current average price for a home in the state is $275,000. That is below the conforming limits on traditional mortgages, but many North Dakotans interested in large properties or modern homes with full amenities may be facing prices over those limits. 

For the most recent year, the HDMA data places North Dakota 50th in the country in terms of mortgage origination activity, with a total of $172 million in jumbo mortgages originated. If you’re looking for a jumbo mortgage in North Dakota, there are many opportunities out there for you. Once you find the perfect place on the NMLS and do some research about jumbo home loans that extend beyond typical conforming loan limits and their mortgage rates, it might be the right time for you to make an offer. Whether you’re moving from elsewhere in the state, Alaska, Maryland, South Dakota, Minnesota, Hawaii, or somewhere else, a jumbo loan might help you get the property you want without some of the downsides of traditional loans.

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What is the jumbo loan limit in North Dakota?

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

North Dakota Jumbo Loan Limits (December 2022)

North Dakota county-by-county jumbo loan, conforming loan and FHA loan limits.

North Dakota
County
North Dakota
Jumbo loan
(1-unit)
North Dakota
Conforming
loan limit
(1-unit)
North Dakota
FHA loan limit
(1-unit)
Adams$647,200+$647,200 $420,680
Barnes$647,200+$647,200 $420,680
Benson$647,200+$647,200 $420,680
Billings$647,200+$647,200 $420,680
Bottineau$647,200+$647,200 $420,680
Bowman$647,200+$647,200 $420,680
Burke$647,200+$647,200 $420,680
Burleigh$647,200+$647,200 $420,680
Cass$647,200+$647,200 $420,680
Cavalier$647,200+$647,200 $420,680
Dickey$647,200+$647,200 $420,680
Divide$647,200+$647,200 $420,680
Dunn$647,200+$647,200 $420,680
Eddy$647,200+$647,200 $420,680
Emmons$647,200+$647,200 $420,680
Foster$647,200+$647,200 $420,680
Golden Valley$647,200+$647,200 $420,680
Grand Forks$647,200+$647,200 $420,680
Grant$647,200+$647,200 $420,680
Griggs$647,200+$647,200 $420,680
Hettinger$647,200+$647,200 $420,680
Kidder$647,200+$647,200 $420,680
La Moure$647,200+$647,200 $420,680
Logan$647,200+$647,200 $420,680
Mchenry$647,200+$647,200 $420,680
Mcintosh$647,200+$647,200 $420,680
Mckenzie$647,200+$647,200 $420,680
Mclean$647,200+$647,200 $420,680
Mercer$647,200+$647,200 $420,680
Morton$647,200+$647,200 $420,680
Mountrail$647,200+$647,200 $420,680
Nelson$647,200+$647,200 $420,680
Oliver$647,200+$647,200 $420,680
Pembina$647,200+$647,200 $420,680
Pierce$647,200+$647,200 $420,680
Ramsey$647,200+$647,200 $420,680
Ransom$647,200+$647,200 $420,680
Renville$647,200+$647,200 $420,680
Richland$647,200+$647,200 $420,680
Rolette$647,200+$647,200 $420,680
Sargent$647,200+$647,200 $420,680
Sheridan$647,200+$647,200 $420,680
Sioux$647,200+$647,200 $420,680
Slope$647,200+$647,200 $420,680
Stark$647,200+$647,200 $420,680
Steele$647,200+$647,200 $420,680
Stutsman$647,200+$647,200 $420,680
Towner$647,200+$647,200 $420,680
Traill$647,200+$647,200 $420,680
Walsh$647,200+$647,200 $420,680
Ward$647,200+$647,200 $420,680
Wells$647,200+$647,200 $420,680
Williams$647,200+$647,200 $420,680

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4 Best North Dakota jumbo loan lenders

If you’re in the market for a home in North Dakota, consider these jumbo mortgage loans that are available to state residents.

1. 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 a jumbo loans.

We spoke to a BMO Harris loan officer to get additional details about the doctor mortgage, 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
  • 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.

2. 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 physician loan product with no money down financing options.

We contacted a loan officer at Huntington Bank to gather information about the doctor 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.

3. 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.

4. 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 loan mortgage 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 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.

Benefits of getting a jumbo loan in North Dakota

What benefits do these financial products offer to homebuyers in North Dakota?

You’ll be able to keep more cash on hand, for one. Jumbo loans typically come with flexible terms around down payments and you may pay far less than 20 percent. That means you won’t need to liquidate assets or wipe out your savings to purchase an expensive property. Even if you’re looking at a big single family home, traditional lenders may not be willing to offer you a loan or good rates. Many people turn to jumbo loans when they realize their dream property costs more than fha home limits.

Compared to most other mortgages, jumbo loans are subject to much higher limits than conventional loans. Jumbo loans allow you to get approvals for larger loans that often far exceed the FHA limits. Typical options for homeowners like traditional mortage lenders or VA loans provide their own benefits, but may not allow for substantial home purchases. If you found a high-cost property, it might exceed FHA loan limits. In that case, use a mortgage calculator to determine what a jumbo loan might look like for you.

Research different mortgage lenders to determine things like closing costs, debt-to-income requirements, loan terms, loan rates or interest rates, and your monthly payment. Although there are many mortgage lenders who offer non-conforming loans, not all are created equal when it comes to buying real estate. You might want to compare conventional mortgages with an adjustable rate mortgage, fixed rate mortgage, or a jumbo loan to see the different scenarios for a property you’ve located on the NMLS.

Each loan type has pros and cons for a home purchase, but if you’re struggling with a down payment and want to purchase a place with high home value, this is a great option for you. Over time, make sure that your mortgage payments balance how you’ll build home equity, too. You need a solid income to stick with monthly payments on a jumbo loan.

Are jumbo loans a good option for you?

First, consider the property or properties in which you are interested. Not every property will qualify for a jumbo mortgage, so factor that in when determining whether a jumbo loan is good for you. 

Also, think about your credit score and overall financial health. Your jumbo loan lender will likely expect a good credit score and an overall balanced and consistent financial picture. Finally, calculate how much you are willing to “pay” for your financing. Jumbo loans can come with interest rates that are somewhat higher than those on conventional loans. If you don’t mind paying a bit more, a jumbo loan in North Dakota may be a good option for you. 

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.

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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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