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Jumbo Loan

In South Dakota and many other states in the Midwest, A jumbo loan is a fixed or adjustable rate mortgage with loan amounts greater than $453,101. We have a wide variety of investors that we work with to help provide quality jumbo loans to our customers. If you are considering a purchase over $484,351, you should check with us about our Jumbo loan programs.

Details of this financing option include:

  • Jumbo 30 year, fixed-rate mortgage and 30 year interest only
    • Interest only is for the first 10 years, resulting in a lower mortgage payment
  • Maximum loan amount 2,500,000*
  • FICO scores start at 660
  • Full documentation loans up to 90% loan-to-value (LTV)** and bank statement programs up to 85% LTV
  • Primary and second home options
  • Purchase, rate/term and cash-out refinance options available
  • Interest-only 5/1 and 7/1 LIBOR ARM; 80% Maximum LTV**
  • Maximum cash-out $500,000***
  • Single-family residence, condominium/PUD, 2 to 4 unit rural properties are eligible
  • Debt-to-income ratios**** up to 50% on the bank statement products