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 $766,651. We have 12 Non-conforming or Jumbo lenders for which to choose from to help provide quality jumbo loans to our customers. If you are considering a purchase over $766,651, 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
