If you need to borrow more money than is permitted with a conventional conforming loan, you might need to buy a home in Michigan or Florida, using a jumbo mortgage.
What is a Jumbo Loan?
A jumbo loan is also known as a non-conforming loan. Like a conforming mortgage, it is a type of conventional loan, which means that it is not backed by a government agency.
Unlike a conforming loan, a jumbo loan is not eligible for purchase by Fannie Mae and Freddie Mac since it exceeds the conforming loan limits.
Do I Need a Jumbo Loan in Jacksonville, FL?
To know whether you need to purchase a home using a jumbo loan, you must research the conforming loan limits for your county.
To provide an example, Jacksonville is located in Duval County, Florida. The conforming loan limits for this county are the same as they are for most counties throughout Florida and the United States:
Only in certain counties with higher costs of living are there also higher conforming loan limits.
Do I Need a Jumbo Loan in Rochester Hills, MI?
As another example, Rochester Hills is located in Oakland County, Michigan. In this county as well, the conforming loan limits are the same as they are in Florida:
When you call us for your consultation, you can let us know where you are shopping for home. We can then look up the conforming loan limits, and let you know whether a jumbo mortgage or a conforming loan would be appropriate.
Qualifying for a Jumbo Mortgage in Michigan or Florida
The following factors will be assessed when you apply for a non-conforming loan:
- Your credit score
- Your DTI ratio
- Your employment history and status
- Your cash reserves (should be six months or more)
- Your down payment ability (should be 15% or more)
You might need two appraisals when applying for a jumbo loan (whereas you would need just one when applying for a conforming mortgage).
Returning and first time homebuyers can successfully apply for jumbo loans.
Apply Now for a Jumbo Mortgage in Michigan or Florida
Whether you are shopping for a home in Michigan or Florida, we can help you apply for a jumbo mortgage. Please give us a call today at (248) 775-1275 to schedule your consultation.