Loan Program
Jumbo Loans
A jumbo loan is a mortgage that exceeds the conforming loan limit set for the county, so it is underwritten to the lender's own guidelines rather than agency rules. Downriver buyers most often use jumbo financing for waterfront and historic homes on Grosse Ile and along the Trenton and Wyandotte riverfront.
What it is
- A non-conforming mortgage above the county conforming limit.
- Underwritten to individual investor guidelines.
- Available in fixed and adjustable-rate structures.
Who it's for
- Buyers of higher-priced riverfront or estate properties.
- Borrowers with strong credit, reserves and documented income.
- Homeowners refinancing a large existing balance.
Typical requirements
- Higher credit score expectations than conforming loans.
- Larger down payment, often 10% to 20% or more.
- Cash reserves after closing.
- Full income documentation and sometimes a second appraisal.
Guidelines vary by lender and change over time. Meeting these items does not guarantee approval, and all loans are subject to credit and property approval.
Advantages
- Finance a higher-priced home in a single loan.
- Flexible structures, including interest-only options with some investors.
- No agency loan limit ceiling.
Trade-offs
- Stricter credit, reserve and documentation standards.
- Pricing can be more sensitive to market conditions.
FAQ
Jumbo Loans: common questions
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