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Michigan Jumbo Mortgage
Michigan Jumbo Mortgage - Premium Home Financing Solutions
Riverbank specializes in Michigan jumbo mortgages and refinancing for your loans over $806,500. We have partnered with a large financial firm that allows us to offer jumbo loans in Michigan that are outside of conforming mortgage programs set by Fannie Mae and Freddie Mac. Unlike other mortgage lenders and banks, we have a variety of Michigan jumbo mortgage options that will allow you flexible financing terms up to 5 million dollars on your luxury home in Michigan.
Why Choose Our Michigan Jumbo Mortgage Programs?
- ✓ Low Down Payments: As low as 10% down payment options available
- ✓ Competitive Rates: Access to the lowest jumbo mortgage rates in Michigan
- ✓ ARM Options: 5/1 and 7/1 ARM loans available for maximum flexibility
- ✓ Flexible Credit: Minimum 660 credit score requirement
- ✓ No PMI: No private mortgage insurance required for most loan options
- ✓ High Loan Amounts: Financing up to $5 million for luxury homes
For more information on jumbo loan financing in Michigan, call 800-555-2098 or apply online today!
Michigan Jumbo Mortgage Programs - Detailed Information
Available Michigan Jumbo Loan Programs
As banks tighten their lending guidelines, fewer jumbo mortgage programs are available in Michigan. At Riverbank, we offer Super Conforming Jumbo loans which are agency jumbo mortgages sold through most banks to Fannie Mae and Freddie Mac, as well as portfolio jumbo loans. This allows us to offer higher loan to value (LTV) ratios than other banks and more flexible credit guidelines.
We have several jumbo loan mortgage programs that will allow you to choose from the lowest rates available and pick your payment to best fit your needs. Our 30 year fixed loans are available for long term security on your mortgage investment, but we also offer remarkably low rates for our ARM products including 5/1 and 7/1 adjustable rate mortgages.
The financially educated borrower can plan their finances and benefit from historically beneficial rates. Choosing a jumbo loan mortgage for your home loan from Riverbank can save you thousands of dollars compared to other mortgage lenders.
2024 Jumbo Mortgage Limits in Michigan
Any mortgage over the conforming limit of $806,500 is considered a Michigan jumbo mortgage. This is slightly different for FHA loans where each county has a specific mortgage limit. For example, Kent County has a maximum FHA loan limit of $524,225 however the jumbo loan limit is still $806,500 for the entire state of Michigan.
Understanding these limits is crucial when shopping for Michigan jumbo mortgage rates and determining which loan program best fits your needs. Visit our information section for more details about 2024 Jumbo Mortgage limits.
Frequently Asked Questions - Michigan Jumbo Mortgages
What is the minimum down payment for a Michigan jumbo mortgage?
We offer Michigan jumbo mortgages with down payments as low as 10%. This is significantly lower than many traditional lenders who may require 20% or more. Our flexible down payment options make luxury home ownership more accessible to qualified borrowers.
What credit score do I need for a jumbo loan in Michigan?
Our minimum credit score requirement is 660 for most Michigan jumbo mortgage programs. However, borrowers with higher credit scores typically qualify for better rates and terms. We evaluate each application individually to find the best program for your situation.
Do I need to pay PMI on a Michigan jumbo mortgage?
No, private mortgage insurance (PMI) is not required for most of our jumbo loan options. This can save you hundreds of dollars per month compared to conventional loans that require PMI when putting down less than 20%.
What ARM options are available for Michigan jumbo mortgages?
We offer both 5/1 and 7/1 adjustable rate mortgage (ARM) options for Michigan jumbo loans. The 5/1 ARM provides a fixed rate for the first 5 years, then adjusts annually. The 7/1 ARM offers a fixed rate for 7 years before adjusting. These options can provide lower initial rates compared to 30-year fixed mortgages.
What is the maximum loan amount for Michigan jumbo mortgages?
We can finance luxury homes up to $5 million in Michigan. This makes us one of the few lenders capable of handling high-end residential real estate transactions throughout the state. Our portfolio lending capabilities allow us to offer these high loan amounts with competitive terms.
How do Michigan jumbo mortgage rates compare to conventional loans?
Historically, jumbo mortgage rates in Michigan have been competitive with conventional loan rates, and in some cases even lower. Market conditions, your credit profile, and loan-to-value ratio all impact your specific rate. Contact us for a personalized rate quote based on your situation.
Can I refinance my existing jumbo mortgage in Michigan?
Yes, we specialize in Michigan jumbo mortgage refinancing. Whether you want to lower your rate, change your loan term, or access your home's equity, we offer various refinancing options for loans over $806,500. Our streamlined process can help you save money and simplify your mortgage.
Which Michigan counties do you serve for jumbo mortgages?
We provide Michigan jumbo mortgage services throughout the entire state, including Oakland County, Wayne County, Kent County, Macomb County, and all other Michigan counties. Our statewide lending capabilities ensure we can help you regardless of where your luxury home is located.
Get Started with Your Michigan Jumbo Mortgage Today
Ready to explore your Michigan jumbo mortgage options? Our experienced loan officers are standing by to help you find the perfect financing solution for your luxury home purchase or refinance. With our competitive rates, flexible terms, and expert guidance, we make the jumbo loan process simple and straightforward.
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