Financing in Detroit>Question Details

2tall, Home Buyer in Detroit, MI

What downpayment requirements are there for $1M loans currently?

Asked by 2tall, Detroit, MI Mon Jun 28, 2010

My wife and I have heard there is no such thing as a jumbo loan for $1M for Michigan property which doesn't require 20% down. We make ~$230k (W-2 income) and are wondering what the minimum we will need to put down is and what maximum purchase price we will be limited to given the new mortgage limitations.

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2tall

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.
0 votes Thank Flag Link Mon Jun 28, 2010
Please I need a loan for my business. Please help me.
Please include how much you can offer.and i will reply
mrsrosellealejado@yahoo.com
Web Reference: http://www.google.com
0 votes Thank Flag Link Thu Sep 27, 2012
Circumstances may allow for a lesser down payment. We have a "Pledged Asset" program that could be utilized. Credit score, income, DTI and employment are all factors that could mitigate the requirements. We would need to see the entire picture and design a program for your needs.

Roger Danielski, Loan Officer
Lake Michigan Credit Union
616-242-9790 x 9275
roger.danielski@lmcu.org
0 votes Thank Flag Link Wed Jun 30, 2010
Hello

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.

Steve Bozinovski
Keller Williams Realty
586-822-6064
0 votes Thank Flag Link Mon Jun 28, 2010
Don't be surprised if you need to put 25% or more down in order to obtain Jumbo financing. Your purchase price will be limited by your down payment and income qualifications. Find a good local lender to meet with and get pre-qualified. They will have details on available financing for your area. Good Luck
0 votes Thank Flag Link Mon Jun 28, 2010
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