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.
What is the jumbo loan limit in Michigan?
The jumbo loan limit in Michigan for all counties is $726,200. Any loan that exceeds $726,200 is a jumbo loan in the state of Michigan. Any loan that is less than $726,200 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 (September 2023)
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 | $726,200+ | $726,200 | $420,680 |
| Alger | $726,200+ | $726,200 | $420,680 |
| Allegan | $726,200+ | $726,200 | $420,680 |
| Alpena | $726,200+ | $726,200 | $420,680 |
| Antrim | $726,200+ | $726,200 | $420,680 |
| Arenac | $726,200+ | $726,200 | $420,680 |
| Baraga | $726,200+ | $726,200 | $420,680 |
| Barry | $726,200+ | $726,200 | $420,680 |
| Bay | $726,200+ | $726,200 | $420,680 |
| Benzie | $726,200+ | $726,200 | $420,680 |
| Berrien | $726,200+ | $726,200 | $420,680 |
| Branch | $726,200+ | $726,200 | $420,680 |
| Calhoun | $726,200+ | $726,200 | $420,680 |
| Cass | $726,200+ | $726,200 | $420,680 |
| Charlevoix | $726,200+ | $726,200 | $420,680 |
| Cheboygan | $726,200+ | $726,200 | $420,680 |
| Chippewa | $726,200+ | $726,200 | $420,680 |
| Clare | $726,200+ | $726,200 | $420,680 |
| Clinton | $726,200+ | $726,200 | $420,680 |
| Crawford | $726,200+ | $726,200 | $420,680 |
| Delta | $726,200+ | $726,200 | $420,680 |
| Dickinson | $726,200+ | $726,200 | $420,680 |
| Eaton | $726,200+ | $726,200 | $420,680 |
| Emmet | $726,200+ | $726,200 | $420,680 |
| Genesee | $726,200+ | $726,200 | $420,680 |
| Gladwin | $726,200+ | $726,200 | $420,680 |
| Gogebic | $726,200+ | $726,200 | $420,680 |
| Grand Traverse | $726,200+ | $726,200 | $420,680 |
| Gratiot | $726,200+ | $726,200 | $420,680 |
| Hillsdale | $726,200+ | $726,200 | $420,680 |
| Houghton | $726,200+ | $726,200 | $420,680 |
| Huron | $726,200+ | $726,200 | $420,680 |
| Ingham | $726,200+ | $726,200 | $420,680 |
| Ionia | $726,200+ | $726,200 | $420,680 |
| Iosco | $726,200+ | $726,200 | $420,680 |
| Iron | $726,200+ | $726,200 | $420,680 |
| Isabella | $726,200+ | $726,200 | $420,680 |
| Jackson | $726,200+ | $726,200 | $420,680 |
| Kalamazoo | $726,200+ | $726,200 | $420,680 |
| Kalkaska | $726,200+ | $726,200 | $420,680 |
| Kent | $726,200+ | $726,200 | $420,680 |
| Keweenaw | $726,200+ | $726,200 | $420,680 |
| Lake | $726,200+ | $726,200 | $420,680 |
| Lapeer | $726,200+ | $726,200 | $420,680 |
| Leelanau | $726,200+ | $726,200 | $420,680 |
| Lenawee | $726,200+ | $726,200 | $420,680 |
| Livingston | $726,200+ | $726,200 | $420,680 |
| Luce | $726,200+ | $726,200 | $420,680 |
| Mackinac | $726,200+ | $726,200 | $420,680 |
| Macomb | $726,200+ | $726,200 | $420,680 |
| Manistee | $726,200+ | $726,200 | $420,680 |
| Marquette | $726,200+ | $726,200 | $420,680 |
| Mason | $726,200+ | $726,200 | $420,680 |
| Mecosta | $726,200+ | $726,200 | $420,680 |
| Menominee | $726,200+ | $726,200 | $420,680 |
| Midland | $726,200+ | $726,200 | $420,680 |
| Missaukee | $726,200+ | $726,200 | $420,680 |
| Monroe | $726,200+ | $726,200 | $420,680 |
| Montcalm | $726,200+ | $726,200 | $420,680 |
| Montmorency | $726,200+ | $726,200 | $420,680 |
| Muskegon | $726,200+ | $726,200 | $420,680 |
| Newaygo | $726,200+ | $726,200 | $420,680 |
| Oakland | $726,200+ | $726,200 | $420,680 |
| Oceana | $726,200+ | $726,200 | $420,680 |
| Ogemaw | $726,200+ | $726,200 | $420,680 |
| Ontonagon | $726,200+ | $726,200 | $420,680 |
| Osceola | $726,200+ | $726,200 | $420,680 |
| Oscoda | $726,200+ | $726,200 | $420,680 |
| Otsego | $726,200+ | $726,200 | $420,680 |
| Ottawa | $726,200+ | $726,200 | $420,680 |
| Presque Isle | $726,200+ | $726,200 | $420,680 |
| Roscommon | $726,200+ | $726,200 | $420,680 |
| Saginaw | $726,200+ | $726,200 | $420,680 |
| St. Clair | $726,200+ | $726,200 | $420,680 |
| St. Joseph | $726,200+ | $726,200 | $420,680 |
| Sanilac | $726,200+ | $726,200 | $420,680 |
| Schoolcraft | $726,200+ | $726,200 | $420,680 |
| Shiawassee | $726,200+ | $726,200 | $420,680 |
| Tuscola | $726,200+ | $726,200 | $420,680 |
| Van Buren | $726,200+ | $726,200 | $420,680 |
| Washtenaw | $726,200+ | $726,200 | $420,680 |
| Wayne | $726,200+ | $726,200 | $420,680 |
| Wexford | $726,200+ | $726,200 | $420,680 |
4 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. 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.
3. 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.
4. 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.
Need a jumbo loan in a different state?
If you want to find the best jumbo loans in other states, click on your state below.
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.
