When your loan amount is above the conforming limit, Fannie Mae and Freddie Mac rules no longer apply. Each lender writes its own guidelines for credit, reserves, documentation and appraisals, and they can differ a lot. As an independent broker I compare jumbo options across dozens of wholesale lenders instead of one bank's program, so the lender fits your file rather than the other way around.
Call Rob: (810) 819-8686 Tell Me About Your PlansThere's no single jumbo guideline. Credit requirements, how much you need in reserves, how income is counted and which property types are allowed all vary from lender to lender.
Expect a closer look at income, assets and reserves. Getting the full picture to me early is what keeps a jumbo file from stalling in underwriting.
Higher-priced homes can have fewer true comparable sales, and some lenders ask for a second appraisal on larger loan amounts. We plan for that before you write the offer.
Move-up buyers. Selling one home and buying a bigger one, often before the first one sells. Buying before you sell and a jumbo can work together, but the order of operations matters.
Lake homes and acreage. Waterfront and larger parcels in Oakland and Livingston County can push a loan past the conforming limit quickly, and they're exactly where appraisals need a local eye.
Self-employed buyers. Business owners whose tax returns don't show their real income can look at jumbo-size bank statement and asset-based programs. See the self-employed guide.
Refinancing a larger loan. If your current balance is above the conforming limit, the refinance is a jumbo too. See refinancing in Michigan.
The price range you're shopping in, how you're paid (W-2, commission, bonus, self-employed, or retirement and investment income), roughly what you have in savings and investment accounts, and whether you're selling a home as part of the move. With that, I can tell you which jumbo lenders are worth your time and what they'll want to see. Then we get you a real preapproval before you tour.
Call or text me directly and tell me what you're looking at. You'll talk to me, not a call center.
Call / Text (810) 819-8686 Tell Me About Your PlansProgram availability and requirements vary by lender and change over time. All loans are subject to credit approval, underwriting, appraisal and title.
