Jumbo Loans exceed the maximum loan amounts established by Fannie Mae and Freddie Mac conventional loan limits. Rates on jumbo loans are typically higher than conforming loans. Jumbo Loans are typically used to buy more expensive homes and high-end custom construction homes. Typically Jumbo Loans require a higher down payment than traditional loans. Jumbo loans carry a much higher credit risk for lenders, therefore the requirements are considered much more rigorous then typical mortgages. Banks may charge anywhere from a .25% rate to a 1.5% rate when dealing with Jumbo loans. These mortgages are often considered for people who are high earners (250,000-500,000 range) but aren’t rich yet. People who generally make a lot of money would be ideal candidates for this type of loans but lack in valuable assets at this point in life. Applicants with a credit score of 700 or higher are usually the ones that can be qualified and you must have a super low debt-to-income ratio.
We are currently offer jumbo purchase mortgage's with as low as 15% down and our rates are outstanding. Currently they are lower then conforming loan rates.
The conforming loan limit for south east Michigan is $417,000.00 jumbo loans play are for any loan amount over that. We have the best jumbo rates in town. If you are in: Macomb Township, Clinton Township, Chesterfield Township, Harrison Township, St. Clair Shores or other surrounding Michigan areas, call today and see what we can do for you!