Edina, Bloomington and St. Louis Park Mortgages: Move-Up Budgets, Jumbo Caps and Escrows — Loon & Lintel
Updated October 2026
Moving from a St. Louis Park starter home to Edina, or trading a Bloomington house for a lower-maintenance condo, creates two connected budgets: the sale proceeds and the next monthly payment. Loon & Lintel treats equity as a starting estimate, then subtracts existing debt, selling expenses and the cash needed to complete the move.
Know where conforming financing ends
The 2026 conforming baseline is $832,750 across all 87 Minnesota counties, including Hennepin. A purchase above that amount does not automatically require a jumbo mortgage: the loan balance after the down payment determines the category. Conversely, a small down payment on a higher-priced house can push the loan above the limit.
| Purchase price | Down payment | Proposed loan |
|---|---|---|
| $950,000 | $150,000 | $800,000 |
| $950,000 | $100,000 | $850,000 |
The first example falls within the baseline; the second exceeds it. Neither example includes closing costs. Consult FHFA Loan Limits for the official framework, then compare actual pricing rather than assuming jumbo always means a higher rate.
Use the home equity calculator to sketch available equity, but obtain a current payoff before finalizing your down payment.
Make escrows reflect the next address
Edina, Bloomington and St. Louis Park are in Hennepin County, where Mortgage Registry Tax is 0.24% and State Deed Tax is 0.34%. A move-up household may encounter deed tax on its sale and registry tax on its new mortgage, so place each charge on the correct side of the transaction.
Property taxes vary by parcel and taxing district. Do not carry the old home’s escrow amount into the new budget. Review the latest tax statement, special assessments and insurance quote. Minnesota residential property-tax installments are generally due May 15 and October 15, making closing-date prorations important.
Protect cash after the move
Minnesota Housing Step Up may serve eligible repeat buyers and refinance borrowers. Availability depends on program qualifications; previous ownership alone does not rule out assistance. Ask which assistance loan fits the selected first mortgage and how repayment affects monthly obligations.
Preserve funds for overlapping housing payments, moving costs and early repairs. A condo also calls for a separate review of dues, reserves and possible assessments. Compare scenarios with the monthly payment calculator, then request a personalized quote using the actual property type and expected sale proceeds.
Compare Current Mortgage Rates
Compare current APRs, points, fees, and estimated monthly payments from participating lenders below.
Loan Program Comparison: 2026 Benchmarks
Edina, Bloomington and St. Louis Park Mortgages: Move Up Budgets, Jumbo Caps and Escrows — Above the applicable conforming limit, compare jumbo reserve requirements, credit standards, down payment and lender-specific pricing rather than assuming agency terms.
Historical 2025 one-unit comparison: conforming $832,750; FHA floor $541,287. County and unit-count limits can differ.
| Loan program | Down payment / equity | 2026 one-unit baseline | Costs and page-specific comparison |
|---|---|---|---|
| Jumbo | Lender-specific cash and reserves | Above applicable conforming limit | Lender-specific pricing and insurance |
| Conventional | 3%–5% subject to eligibility | $832,750 | PMI generally below 20% down |
| FHA | 3.5% at 580+; 10% at 500–579 | $541,287 floor | 1.75% upfront MIP; 0.55% annual for >95% LTV, base loan ≤$726,200, term >15 years |
| VA | 0% for eligible borrowers | No VA limit with full entitlement | No monthly PMI; funding fee unless exempt |
| USDA | 0% for eligible borrowers | Income, address and repayment eligibility | Guarantee and annual fees; confirm current schedule |
| Home Equity / Refinance | Equity and underwriting dependent | Property and lender dependent | Compare closing costs, term and break-even |
Sources: FHFA limits; HUD FHA limits.
Editorial Methodology & Primary Sources
Verification date: Not recorded; check the primary source and lender timestamp before relying on an estimate.
Rate comparisons use participating lender feeds, not a whole-market survey or guaranteed offers. Freddie Mac PMMS is a market benchmark, not a personalized quote. Calculator models rely on published regulatory formulas and disclosed assumptions rather than fabricated first-person loan testing.
Monthly principal and interest use the amortization formula P × r / (1 − (1 + r)−n), where r is the monthly note rate and n is the number of payments; at zero interest use P / n. PITI adds monthly property taxes and homeowners insurance; PMI is separate. APR includes applicable finance charges under Regulation Z and is not the note rate used for payments. Compare lender Loan Estimates for actual APR and fees.
- Consumer Financial Protection Bureau (CFPB) — Loan Estimates, APR and borrower disclosures; Regulation Z.
- U.S. Department of Housing and Urban Development (HUD / FHA) — FHA program guidance.
- U.S. Department of Veterans Affairs (VA) — VA loan eligibility and benefits.
- Freddie Mac Primary Mortgage Market Survey (PMMS) — published rate benchmarks.
- U.S. Census state tax collections — state property tax benchmarks; confirm parcel-specific assessments and exemptions with the state revenue department and local assessor.
- Minnesota Housing — state housing finance and property tax authority.
- Minnesota Department of Revenue — state housing finance and property tax authority.
The payment snapshot uses illustrative annual taxes of 1% of home price, $1,200 insurance and 0.5% PMI below 20% down, not verified local quotes. Other calculators disclose their inputs and assumptions. Published guidance and lender feeds may change independently; confirm current program rules, taxes and offers before a decision.