Northern Michigan Mortgage Lender | Kirby and Angie | Arch Mortgage - North

Jumbo Home Loans in Michigan

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Finance Your Dream Home Above Conventional Limits

For homes priced above conventional loan limits, a jumbo mortgage can help you finance your dream property with one simple loan. Whether you’re purchasing a luxury home, a vacation retreat, or a high-value property in Northern Michigan, we offer jumbo loans with competitive rates, flexible down payment options, and streamlined approvals. Our goal is to make large loan financing as smooth as a conventional mortgage.

Key Benefits of Jumbo Loans (Bullets)

  • ✅ Finance homes above conventional loan limits

  • ✅ Loan amounts up to $3 million (higher case-by-case)

  • ✅ Competitive fixed and adjustable-rate options

  • ✅ Down payment options starting at 10% (20% preferred for best pricing)

  • ✅ Strong credit and income flexibility for well-qualified borrowers

  • ✅ Options for second homes and vacation properties

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Sample Payment Scenarios – $800,000 Purchase at 6.5%

Down Payment % Down Payment Loan Amount Monthly P&I* Notes
10% $80,000 $720,000 $4,555.82 PMI not typically used, higher reserves required
15% $120,000 $680,000 $4,304.02 Lower loan amount = reduced payment
20% $160,000 $640,000 $4,052.23 No PMI, stronger equity position

*30-year fixed, 6.5% rate. Taxes, insurance, and reserve requirements not included.

Jumbo Loan FAQs

What is considered a jumbo loan?
Any loan above the FHFA conforming limit for your county is jumbo. For 2025, most Michigan counties have a single-unit limit of $806,500. Loans above that amount are classified as jumbo. (Limits vary by county and by 2–4 unit properties.)
What credit score do I need?
Many jumbo programs look for 700+ credit, though stronger overall profiles may qualify for better pricing and flexibility.
How much do I need for a down payment?
Standard jumbo options often start at 20% down, with some programs available at 10–15% down when paired with stronger credit, reserves, and documentation.
Do jumbo loans require reserves?
Yes. Expect several months of reserves (often 6–12 months of total housing payments) depending on profile, occupancy, and loan size.
Can I use a jumbo loan for a second home?
Yes—jumbo financing is commonly available for primary residences and second/vacation homes (investment property availability varies by program).

Information is general and for educational purposes only; eligibility and terms depend on your full application and current guidelines.