Jumbo Loans
Financing for homes that exceed baseline conforming limits. Jay Dacey Mortgage Team offers jumbo mortgages up to $3 million with competitive rates, flexible fixed and ARM terms, and tailored underwriting across Minnesota, Wisconsin, North Dakota, and Florida.
Introduction to Jumbo Loans
Watch our team explain how jumbo financing and reserve requirements work in plain English.
What Is a Jumbo Loan?
Jumbo loans are a great option for borrowers looking to get a larger-sized mortgage. A mortgage becomes a "jumbo" loan when the financing amount exceeds the standard conforming baseline limit set annually by the Federal Housing Finance Agency (FHFA). While the 2023 baseline was $726,200, the updated single-family conforming limit has risen to $832,750 for 2026. Any loan amount above this threshold falls into jumbo territory.
Jay Dacey Mortgage Team offers jumbo loans up to $3 million. Whether you are purchasing a luxury home in the Twin Cities, lakefront property on Lake Minnetonka, a vacation retreat in northern Wisconsin or Florida, or custom acreage in North Dakota, we structure jumbo financing tailored to your overall wealth and cash-flow strategy.
Requirements for a jumbo loan are stricter since the loan amounts are larger. Jumbo loans are considered non-QM / portfolio loans, meaning they are not backed or purchased by Fannie Mae or Freddie Mac. As a result, each private lender sets its own guidelines and underwriting standards.
Financing above $832,750 is classified as a Jumbo loan. We fund loans up to $3,000,000.
Jumbo Financing in Our Licensed States
We lend in Minnesota, Wisconsin, North Dakota, and Florida. Here is how jumbo financing helps buyers in each of our core markets:
Minnesota (Primary Focus)
Home BaseHigh demand across the Twin Cities metro (Minneapolis, St. Paul, Edina, Wayzata, Minnetonka, Woodbury, Eden Prairie) and premium lakefront homes in the Brainerd Lakes Area, Gull Lake, and Crosslake. Jumbo loans allow buyers to secure these properties without needing massive cash liquidations.
Wisconsin
LicensedPopular for St. Croix River Valley luxury, Hudson, Lake Geneva, Door County, and Milwaukee's North Shore. Ideal for second homes, vacation waterfront, and executive family properties.
Florida
LicensedHigher-cost coastal markets throughout Naples, Sarasota, Tampa/St. Pete, Palm Beach, and Miami. High-cost FHFA county ceilings reach up to $1,249,125+, and our jumbo programs up to $3M accommodate luxury condos, second homes, and relocation purchases.
North Dakota
LicensedServing high-value residential homes and custom-built acreage properties in Fargo, Bismarck, Grand Forks, and Minot. Tailored options for business owners, medical professionals, and agricultural executives.
Jumbo Loan Qualification Requirements
Because loan amounts exceed government guarantees, underwriting focuses on verified assets, financial liquidity, and credit strength:
Reserve Requirements
You must have post-closing funds in reserve equal to 3 to 6 months (and up to 12 months for larger loan amounts) of total monthly mortgage payments (PITI). These can be held in retirement accounts (401k/IRA), brokerage accounts, or savings.
Credit Score Standards
Most jumbo lenders require a credit score of 680 to 720+. Scores of 740+ unlock the most competitive interest rates and down payment tiers.
Property Appraisal
An in-depth appraisal is always required. For transactions exceeding $1.5M to $2M, lenders may require two independent full appraisals to confirm fair market value.
Down Payment Options
While 20% down remains standard to avoid mortgage insurance, select programs allow as little as 10% to 15% down for highly qualified borrowers with strong reserves.
Purchase
Buy a luxury home, executive property, second residence, or vacation retreat.
- Up to $3 Million: Substantial borrowing power for high-value real estate.
- Fixed & ARM Options: Choose 15- or 30-year fixed, or 5/1, 7/1, or 10/1 adjustable-rate mortgages for flexibility.
- Primary & Second Homes: Finance luxury primary residences or lake cabins and vacation homes in MN, WI, and FL.
- Non-QM Flexibility: Multiple portfolio lender options to match your unique tax returns and asset structures.
Refinance
Optimize your mortgage structure, lower interest rates, or access built-up equity.
- Rate & Term Refinance: Lock in lower monthly payments or switch from an ARM into a long-term fixed rate.
- Cash-Out Jumbo: Tap equity for renovations, business investments, or portfolio diversification up to established LTV limits.
- Consolidate First & Second Mortgages: Roll a primary mortgage and home equity line of credit (HELOC) into one clean jumbo loan.
- Asset Depletion & Alternative Qualification: Non-QM guidelines can evaluate asset holdings when traditional W-2 income is not primary.
What Documents Will I Need for a Jumbo Loan?
Because underwriting is thorough, having these documents prepared ensures a smooth, on-time closing:
Frequently Asked Questions
Common questions about jumbo loans and qualification.
Ready to Pre-Qualify for a Jumbo Loan?
Call the Jay Dacey Team at 651-315-7681 or take our quick 60-second home buying quiz to see your options and estimated borrowing power.
Direct access to Jay Dacey (NMLS #375033) • Jay Dacey Mortgage Team, Inc. (NMLS #1812066)
What Our Clients Say
Real feedback from Minnesota, Wisconsin, North Dakota, and Florida homebuyers and refinancers.
"Amazingly Helpful"
I have yet to actually buy a house myself, mostly due to my own questions on what I want, but Jay came highly recommended from a trusted co-worker. He has helped me through multiple choices, questions, potential properties, and helped my sister with her mortgage too. I would highly recommend Jay and his team!
"Seamless Home Buying Experience"
Jay and Madeline were incredible to work with from start to finish. As first-time homebuyers, we had endless questions and they walked us through every option patiently. They found us a rate we couldn't get anywhere else and closed right on schedule!
"Engaged and Responsive!"
THANK YOU to Molly and the Jay Dacey Team! During a refinance of my mortgage loan for lowering my interest rate, lowering my mortgage payment, and squaring away my escrow account! Engaged and responsive! Handled a difficult purchase previously and executed flawlessly.
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