2018 Jumbo mortgage limits are based on guidelines set by Fannie Mae and Freddie Mac. Most consider a Jumbo Loan anything over the conforming limit which is currently set at $453,100 however this may differ depending on the type of financing you are seeking. Referencing he Conforming loan limits for 2018 is the best resource to verify mortgage limits in your area.
Updated 1/29/2018: Charts Updated to show 2018 Loan Limits
For more information visit Jumbo loan mortgage.
The chart below, from Fannie Mae’s website, displays general mortgage limits in United States for mortgages closed in 2018.
|Units||Contiguous States, District of Columbia, and Puerto Rico||Alaska, Guam, Hawaii, and the U.S. Virgin Islands|
Michigan FHA Mortgage Limits
FHA mortgage limits: FHA County Mortgage Limits are determined by the county in which the property is located. For example, if you are financing a mortgage for a home in Grand Rapids, MI which falls in Kent County, FHA financing would limit your Loan amount to $294,515 or less for a single family home. Conventional mortgages would still permit you to mortgage up to the national mortgage limit previously mentioned.
It is important to know the jumbo mortgage limits for your area so you can avoid the high interest rates and fees generally associated with Jumbo loans. Doing the proper research and working with the best lenders for your needs, can help save you thousands of dollars in both closing costs and mortgage interest.
Michigan VA Loan Limits
VA loan limits in Michigan following conforming loan limits which are currently set at $453,100 for a single family home. For a military veteran applying for a VA home loan the loan would also be limited based on the available VA entitlement remaining. Previous VA loans there were not paid in full may reduce the available VA entitlements that an individual is able to borrower. Fore more information on VA benefits in Michigan contact the Regional VA Loan Center below:
Department of Veterans Affairs
VA Regional Loan Center
1240 East Ninth Street
Cleveland, OH 44199