The jumbo loan limit for Fannie Mae in MI is 714,000. This is further specified by the county you're in. For instance, for all Wayne and Oakland counties, the limit is 417,000. Anything over that you'll have to cover yourself in order to get financing from most lenders, including us. If you don't have this difference, your only other possible option would be to deal directly with your bank. Depending on your credit score, depository history and accounts with them, they may finance everything over your 20-25% down. You'll also probably need a min credit score of 720, and possibly 2-4 months in mortgage payments reserves separate and apart from your 20-25% down and other possible closing costs.
Roger Danielski, Loan Officer
Lake Michigan Credit Union
616-242-9790 x 9275
Right now you need a minimum of 25% down on a jumbo loan. As far as what you can buy depends on your other debt load and the taxes on the property you are interested in buying. I would be happy to help you with any questions you may have about the process but I would need a little more info from you. Pleas feel free to call me and we can discuss some options.
Keller Williams Realty