Where the conforming line sits in 2026
The Federal Housing Finance Agency set the 2026 baseline conforming loan limit for a one-unit property at $832,750, up $26,250 from 2025. Minnesota has no designated high-cost counties, so loans above $832,750 are jumbo loans here — a threshold that Edina, Minnetonka, Plymouth, and West Bloomington properties cross regularly.
What jumbo underwriting looks for
- Down payment. Typically 10–20%. Structures above $1.5 million usually require 20% or more.
- Reserves. Expect 6–12 months of payments in liquid assets after closing — more on larger loans.
- Credit. Generally 700+ for the best pricing; 740+ opens the top tier.
- Documentation. Two years of income documentation, and for self-employed buyers, business returns. Bank-statement programs exist but price accordingly.
- Appraisal. Higher-value homes get more scrutiny; unique properties (acreage, custom builds) need appraisers with comparable sales nearby.
Fixed, ARM, or structured?
Jumbo lenders offer pricing on adjustable-rate structures that conforming lenders often can't match, because jumbo loans are held in portfolio rather than sold. If your time horizon in the home is well-defined — say 7–10 years — an ARM can be the cheaper instrument. If you plan to hold for life, a fixed rate's certainty may be worth the premium. Brian prices both, side by side, with the same numbers.
Jumbo reverse mortgages for retirees
For homeowners 62 and older whose homes sit above the FHA-insured HECM maximum claim amount of $1,249,125, proprietary jumbo reverse products can unlock meaningfully more equity than a government HECM. They lack some of the FHA safeguards and pricing differs, so the comparison needs to be laid out honestly — which is exactly what the reverse mortgage section covers. For retirees selling an Edina or Minnetonka home and buying the next one, a HECM for Purchase is often the more flexible tool.
The honest pitch on jumbo service
Jumbo transactions involve more people: wealth managers, CPAs, estate attorneys, sometimes a trust. Brian coordinates with all of them — and with Edge Home Finance's jumbo desk — so the underwriting story is consistent from application to clear-to-close. If your purchase is structured around a sale of a business, stock vesting, or trust assets, say so in the first conversation; it changes the documentation plan.