Minneapolis, MN: Once a year, maximum mortgage loan limits are potentially reset for popular loan programs, including standard conforming loans (Fannie Mae, Freddie Mac), FHA loans, VA loans, etc.
Minnesota, Wisconsin, and South Dakota (the states that I lend in) all have the same maximum conforming loan limit for 2018 of $453,100 for a single family home (higher for multi-unit properties). You can but a more expensive home, but to qualify for these programs, your LOAN AMOUNT must be under this number.
2018 MN, WI, SD Conforming Loan Limits
Loans over this amount are known as jumbo mortgage loan. There is no Fannie Mae or Freddie Mac for jumbo loans, so there are significantly different rules and guidelines for jumbo financing.
VA loans in Minnesota are zero down payment loans up to the same conforming limit of $453,100. You can but a home with a VA loan over $453,100 – but now you’ll need to have a down payment. Read this information on VA jumbo loan down payments, or I can help you determine your down payment requirements on VA jumbo loans, just contact me at (651) 552-3681.
FHA Loans and USDA loans have different loan amount limits depending on what county you intend to buy the property. Click here to check current FHA loan limits, and click here to check current USDA loan limits.
A single family home in the Minneapolis / St Paul metro area counties is $356,500 for 2018, but in Stearns county for example, it is only $294,515. Another example would be Dane County Wisconsin, at $299,000. As with conventional loans, all counties have higher limits for duplex, tri-plex, and 4-unit homes.
USDA rural housing loans do not have a house price limit. Rather, they have an income limit. Click here to review the USDA income limits.