Do You Need a Conventional or Jumbo Home Loan?
A jumbo loan, or sometimes called a luxury home loan is your only option if you need to borrow over the current FHFA limit for a home purchase or refinance. Non-conforming home loan rates in Michigan can be higher, lower, or the same as conforming loan amounts in the local area and other states.
Michigan Jumbo Loan Details:
Michigan Non-Conforming Loan Rates
Jumbo mortgages rates in Michigan and around the country have been rising, as many lenders have pulled back from Jumbo Lending. Consult with your mortgage broker to find competitive terms.
Down Payment on a Jumbo Loan in Michigan
Jumbo loans in Michigan usually require 10 to 30% down on a home purchase, or a corresponding amount of equity to refinance. However, we do have certain 5% down options for loans up to $920,000.
Loans with less than 20% will require some type of mortgage insurance to protect the lender from default.
Interest Deduction in Michigan
Due to the tax cuts and Jobs Act, mortgage interest deductibility is capped at $750,000 on home purchases made after December 14th, 2017. So if you mortgage, $1,500,000, only half of the interest is deductible. Please note that someday these numbers may change due to changes federal policies, so contact us for up-to-date information.