While Minnesota mortgage rates have been relatively low over all for most of this year, rates for jumbo mortgages have really gone through the roof and stayed there since last year when the housing and mortgage industry slipped into the toilet. Jumbo rates have been consistently above 8% and the allowable loan to value (LTV), and combined loan to value (CLTV), which is the combined value of both a first and second mortgage, has been declining from a high of 100% a year ago to more like 90% today.
Recently one of our lenders sent out updated Minnesota jumbo mortgage rates that are starting to look good. Here are some of the great options for Jumbo mortgages in Minneapolis, Minnesota;
- up to 90% LTV with no mortgage insurance
- Cash out up to 90% LTV for the same interest rate
- Interest only up to 90% LTV for the same interest rates
- You can choose not to escrow for taxes and insurance.
- Homes that have been off the MLS for only one day are now eligible
Mortgage rates start at 7.35% for 90% loan-to-value if you have a credit score of 720 or higher. (apr 7.672%)
Max loan amounts are also based on credit score;
- $800,000 max loan amount, 90% LTV with 750 + credit score
- $675,000 max loan amount, 90% LTV with 700-749 credit score
- $500,000 max loan amount, 90% LTV with 680-699 credit score
For more information on these great Minnesota jumbo mortgage rates and programs, call Ken Horst at 612-251-8237.
If you are looking for Minneapolis homes for sale, or homes for sale anywhere in the US, visit www.mlsmaps.com to see millions of MLS Listings for sale, many searchable on local maps.
