5 Best Jumbo Loans in Michigan


Jumbo loans in Michigan give borrowers an easier way to finance larger or more expensive home purchases.

Key Terms

  • Jumbo loans in Michigan have higher limits than other home loans.
  • You can often put down a much smaller down payment with jumbo loans.
  • It can take several other loans to get the buying power of a single jumbo loan.

Home to the longest freshwater coast in the United States, Michigan offers as much fun outdoor life as it does city life. If you like the glam of urban living, Detroit has a rich, cultural history. If you like outdoor living, fishing and hunting, you can get that, too, in The Great Lake State in places like Grand Rapids. Those are just a few of the reasons, though, that so many people are proud to call this midwestern state home. 

Wherever you settle in Michigan, however, home prices are rising, making it difficult to finance a home. According to the Michigan Association of Realtors, the average sales price of a home in Michigan is $253,557. While that number is well below the jumbo loan limit in Michigan, the state still has plenty of jumbo mortgage activity.

For the most recent year, the HDMA data places Michigan 16th in the country in terms of mortgage origination activity, with a total of $6.21 billion in jumbo mortgages originated. That means you can rest assured that plenty of other Michiganders are financing their homes with these convenient products. 

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What is the jumbo loan limit in Michigan?

The jumbo loan limit in Michigan for most counties is $647,200. Any loan that exceeds $647,200 is a jumbo loan in the state of Michigan. Any loan that is less than $647,200 is a conforming loan in the state of Michigan.

What are conforming loan limits?

Conforming loan limits are set by the Federal Housing Finance Agency (FHFA), the government agency which oversees Fannie Mae and Freddie Mac, the two home mortgage companies that buy most of the home loans made in the U.S. from mortgage lenders and resell them to private investors.

Michigan Jumbo Loan Limits (December 2022)

Michigan county-by-county jumbo loan, conforming loan and FHA loan limits.

Michigan
County
Michigan
Jumbo loan
(1-unit)
Michigan
Conforming
loan limit
(1-unit)
Michigan
FHA loan limit
(1-unit)
Alcona$647,200+$647,200 $420,680
Alger$647,200+$647,200 $420,680
Allegan$647,200+$647,200 $420,680
Alpena$647,200+$647,200 $420,680
Antrim$647,200+$647,200 $420,680
Arenac$647,200+$647,200 $420,680
Baraga$647,200+$647,200 $420,680
Barry$647,200+$647,200 $420,680
Bay$647,200+$647,200 $420,680
Benzie$647,200+$647,200 $420,680
Berrien$647,200+$647,200 $420,680
Branch$647,200+$647,200 $420,680
Calhoun$647,200+$647,200 $420,680
Cass$647,200+$647,200 $420,680
Charlevoix$647,200+$647,200 $420,680
Cheboygan$647,200+$647,200 $420,680
Chippewa$647,200+$647,200 $420,680
Clare$647,200+$647,200 $420,680
Clinton$647,200+$647,200 $420,680
Crawford$647,200+$647,200 $420,680
Delta$647,200+$647,200 $420,680
Dickinson$647,200+$647,200 $420,680
Eaton$647,200+$647,200 $420,680
Emmet$647,200+$647,200 $420,680
Genesee$647,200+$647,200 $420,680
Gladwin$647,200+$647,200 $420,680
Gogebic$647,200+$647,200 $420,680
Grand Traverse$647,200+$647,200 $420,680
Gratiot$647,200+$647,200 $420,680
Hillsdale$647,200+$647,200 $420,680
Houghton$647,200+$647,200 $420,680
Huron$647,200+$647,200 $420,680
Ingham$647,200+$647,200 $420,680
Ionia$647,200+$647,200 $420,680
Iosco$647,200+$647,200 $420,680
Iron$647,200+$647,200 $420,680
Isabella$647,200+$647,200 $420,680
Jackson$647,200+$647,200 $420,680
Kalamazoo$647,200+$647,200 $420,680
Kalkaska$647,200+$647,200 $420,680
Kent$647,200+$647,200 $420,680
Keweenaw$647,200+$647,200 $420,680
Lake$647,200+$647,200 $420,680
Lapeer$647,200+$647,200 $420,680
Leelanau$647,200+$647,200 $420,680
Lenawee$647,200+$647,200 $420,680
Livingston$647,200+$647,200 $420,680
Luce$647,200+$647,200 $420,680
Mackinac$647,200+$647,200 $420,680
Macomb$647,200+$647,200 $420,680
Manistee$647,200+$647,200 $420,680
Marquette$647,200+$647,200 $420,680
Mason$647,200+$647,200 $420,680
Mecosta$647,200+$647,200 $420,680
Menominee$647,200+$647,200 $420,680
Midland$647,200+$647,200 $420,680
Missaukee$647,200+$647,200 $420,680
Monroe$647,200+$647,200 $420,680
Montcalm$647,200+$647,200 $420,680
Montmorency$647,200+$647,200 $420,680
Muskegon$647,200+$647,200 $420,680
Newaygo$647,200+$647,200 $420,680
Oakland$647,200+$647,200 $420,680
Oceana$647,200+$647,200 $420,680
Ogemaw$647,200+$647,200 $420,680
Ontonagon$647,200+$647,200 $420,680
Osceola$647,200+$647,200 $420,680
Oscoda$647,200+$647,200 $420,680
Otsego$647,200+$647,200 $420,680
Ottawa$647,200+$647,200 $420,680
Presque Isle$647,200+$647,200 $420,680
Roscommon$647,200+$647,200 $420,680
Saginaw$647,200+$647,200 $420,680
St. Clair$647,200+$647,200 $420,680
St. Joseph$647,200+$647,200 $420,680
Sanilac$647,200+$647,200 $420,680
Schoolcraft$647,200+$647,200 $420,680
Shiawassee$647,200+$647,200 $420,680
Tuscola$647,200+$647,200 $420,680
Van Buren$647,200+$647,200 $420,680
Washtenaw$647,200+$647,200 $420,680
Wayne$647,200+$647,200 $420,680
Wexford$647,200+$647,200 $420,680

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5 Top jumbo loan lenders in Michigan

If you’re in the market for a home in Michigan, consider these jumbo mortgage loans that are available to state residents.

1. Fifth Third Bank

Fifth Third Bank is headquartered in Cincinnati, Ohio and is one of the largest consumer banks in the country. The bank’s unique name came from a 1909 merger between Third National Bank and Fifth National Bank. The bank offers a full suite of financial products, including jumbo mortgages.

We contacted Fifth Third Bank to learn about their jumbo loan mortgage specifically. Here are the important details:

  • Loans up to $3 million
  • Minimum credit score is 680
  • Fixed rate and variable rate loans available
  • Cash reserves required
  • Jumbo loans are more likely to require a downpayment of 20%, though you may be able to go as low as 10%

When you’re ready to connect with a loan officer experienced in jumbo mortgages, use our form to quickly match with jumbo loan programs based on your specific circumstances.

2. BMO Harris Bank

BMO Harris Bank is an established player in the mortgage industry that ranks 16th largest by total assets in the country. The bank offers a full range of financial products, including jumbo loans.

We spoke to a BMO Harris loan officer to get additional details about their jumbo mortgage, many of which aren’t published. Here are some key terms and highlights:

  • 10% down to $1 million (740+ credit score)
  • 15% down to $1.5 million (720+ credit score)
  • 20% down to $2 million (700+ credit score)
  • 25% down to $3 million (700+ credit score)
  • 30% down to $5 million (700+ credit score)
  • 45% down over $5 million (700+ credit score)
  • 30/20/15/10 year fixed
  • 5/6, 7/6, and 10/6 ARMs
  • All 50 states
  • 12 months reserves

When you’re ready to connect with a loan officer experienced in jumbo mortgages, use our form to quickly match with jumbo loan programs based on your specific circumstances.

3. Keybank

Keybank has over $170 billion in assets and is the 24th largest bank in the United States. They operate throughout 39 states but can originate mortgages in nearly all 50, making them a popular choice among medical doctors throughout the country. One of their key financial products is a jumbo mortgage loan.

We contacted Keybank to learn more about their jumbo loan rates and here are the key terms and highlights:

SilverKey Mortgage

  • Loan amounts up to $3.5 million
  • 10% down up to $1.5 million
  • Fixed or variable rates available
  • No private mortgage insurance required
  • Available for 1-to-4 unit properties, including single-family homes, condos or planned unit developments.

GoldKey Mortgage

  • Loan amounts up to $3.5 million
  • 10% down up to $1.5 million
  • Fixed or variable rates available
  • No private mortgage insurance required
  • Available for 1-to-4 unit properties, including single-family homes, condos or planned unit developments.
  • Available for second homes and investment properties.

Jumbo Interest-Only Mortgages

  • Loan amounts up to $3.5 million
  • 30% down on mortgages up to $1.5 million for primary residences
  • 35% down on mortgages up to $2 million for second homes
  • No private mortgage insurance required
  • ARM-only options

When you’re ready to connect with a loan officer experienced in jumbo mortgages, use our form to quickly match with jumbo loan programs based on your specific circumstances.

4. Huntington Bank

Huntington Bank is the 26th largest bank in the United States. Operating primarily out of the Midwest, their mortgage group can service a large part of the country. Huntington has a jumbo loan product with competitive rates like no money down financing options.

We contacted a loan officer at Huntington Bank to gather information about their jumbo loan options and here’s what we heard back:

  • Loan amounts up to $2.5 million
  • Purchase and refinance available
  • Refinancing allows you to take up to $750,000 of equity out of your home.
  • Second homes are eligible
  • Multi-unit properties are eligible

When you’re ready to connect with a loan officer experienced in jumbo mortgages, use our form to quickly match with jumbo loan programs based on your specific circumstances.

5. Flagstar Bank

Flagstar Bank has a jumbo product in all 50 states, making it a popular choice among many people looking for higher mortgage amounts. If you’re considering a jumbo mortgage, you’ll want to compare Flagstar’s rates as part of your analysis.

We reached out to a loan officer at Flagstar Bank to get details on their jumbo mortgage. Here are the highlights:

  • Loan amounts up to $3 million on primary residences
  • Loan amounts up to $2.5 million on second homes
  • Purchase and rate/term refinance options available on primary residences and second homes
  • No prepayment penalties
  • First-time homebuyers permitted
  • No mortgage insurance options available
  • Cash-out options available on primary residence

When you’re ready to connect with a loan officer experienced in jumbo mortgages, use our form to quickly match with jumbo loan programs based on your specific circumstances.

The benefits of jumbo loans in Michigan

So many Michiganians are turning to jumbo loans because of the range of benefits they get with these mortgages. . What are those benefits? They include:

  • A higher credit limit than other types of loans, giving you more buying power in the housing market
  • Lower down payments, so you can keep some savings in the bank

An additional benefit is that you can finance a large home purchase under a single loan with jumbo mortgages. The alternative is to patch together many conventional mortgages, a situation that is burdensome and overly complex for many.

Is a jumbo loan in Michigan right for you?

If you are getting excited about the potential of a jumbo loan to purchase your dream home, you may be asking yourself whether or not it’s right for you. A first issue to consider is your current credit score and credit card debt. Because lenders are exposing themselves to greater risk with these large loans, they will expect you to have a higher credit score. 

Also consider your overall financial picture. A jumbo loan can cost you more, due to sometimes higher interest rates. If you can afford to pay that extra bit for financing, a jumbo loan could be right for you. 

If you’re looking to explore jumbo mortgage loans in other states, check out our national overview of jumbo loans as a starting point in your search.

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Joshua Holt

Joshua Holt is a licensed mortgage loan originator (NMLS #2306824) and founder of Biglaw Investor. His mortgage expertise lies in the areas of professional mortgage loans, particularly for lawyers, doctors and other high-income professionals. Prior to Biglaw Investor, Josh practiced private equity mergers & acquisition law for one of the largest law firms in the country.

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