Jumbo Loans

More home. More financing options.

Fixed or adjustable rates

Down payments as low as 10%

Financing up to $2 million

What is a Jumbo Loan?

A jumbo loan is a mortgage that exceeds the conforming loan limit established by the Federal Housing Finance Agency. Because the loan is above the amount generally eligible for purchase by Fannie Mae or Freddie Mac, it is considered a nonconforming mortgage.

In 2026, the Federal Housing Finance Agency updated the conforming loan limit for a one-unit property to $832,750 in most areas of the United States. Limits can vary based on the property’s location and number of units, and they are updated annually.

A Michigan First Mortgage Loan Officer can determine which loan limit applies to your property and whether jumbo financing is needed.

Benefits of a Michigan First Jumbo Loan

Jumbo financing provides additional flexibility when the home or mortgage amount falls outside conventional loan limits. Program features include:

Loan amounts up to $2 million
Down payments as low as 10%
Competitive interest rates
Fixed-rate and adjustable-rate options
Financing for primary residences
Financing for second and vacation homes
Purchase and refinance options

Rates, terms, down payment requirements and eligibility depend on the borrower, property and loan selected.

When might you need a Jumbo Loan?

You may need a jumbo mortgage if the amount you plan to borrow exceeds the conforming loan limit for the property’s location and type.

A jumbo loan may be worth exploring if you are:
Purchasing a higher-value home
Buying in an area with higher home prices
Looking for a larger home to meet your household’s needs
Purchasing a second or vacation home
Refinancing an existing higher-balance mortgage
Seeking financing above conventional mortgage limits

The home’s purchase price alone does not determine whether you need a jumbo loan. Your down payment affects the amount you need to borrow and whether that amount exceeds the applicable conforming limit.

What should you expect when applying?

Because jumbo loans involve larger mortgage amounts, qualification requirements may differ from those for conventional financing. Your financial profile will be evaluated based on factors such as:

Income and employment
Credit history
Existing monthly debts
Available funds and financial reserves
Down payment amount
Property value and type
Intended use of the home

Specific requirements vary. Your Mortgage Loan Officer can explain what documentation may be needed and help you prepare for the application process.

Fixed-Rate and Adjustable-Rate Jumbo Loans

Michigan First offers both fixed-rate and adjustable-rate jumbo mortgages.

A fixed-rate jumbo loan maintains the same interest rate throughout the loan term, helping keep principal and interest payments predictable.

An adjustable-rate jumbo loan generally begins with a fixed interest rate for a specified period. After that period, the rate may change according to the terms of the mortgage.

The right option depends on factors such as how long you plan to own the home, your financial priorities and your comfort with potential payment changes.

Find the right financing for your next home

A higher home price does not have to limit your options. A Michigan First Mortgage Loan Officer can help you compare fixed- and adjustable-rate jumbo loans, understand the qualification requirements and choose financing that supports your plans.