Honor Bank offers fixed- and adjustable-rate mortgage programs with higher-than-conventional loan limits($484,350)for those looking to finance a jumbo loan. We can build a jumbo loan that suits your needs, with options like these:
- 30-year and 15-year fixed-rate terms are available
- 30-year 5/1 ARMs are available
- Our maximum loan amount is $2,500,000
- Up to 90% financing is available
How to Qualify for a Jumbo Loan
If you are considering applying for a jumbo loan, it’s important to know what to expect. Banks set the bar higher for jumbo loan applications than they do for traditional mortgages because jumbo loans are not federally backed. This means they involve more risk for lenders. Here are a few key facts to keep in mind when applying for a jumbo loan:
- Your credit score requirement for a jumbo loan is generally greater than for traditional mortgages.
- Your debt-to-income ratio should be low, especially if your credit score is below 740.
- You should be able to demonstrate a greater-than-average income.
- Be prepared to pay a significant amount up front; down payments on jumbo loans usually land between 10 and 20 percent.
- Provide proof of cash reserves on hand that will cover your mortgage payments for at least six months.
Jumbo Loans from Honor Bank
Northern Michigan is a beautiful place to live and vacation. It’s also home to an extremely competitive housing market. Getting approved for a jumbo loan can give you an advantage over other potential buyers and help you land the waterfront property of your dreams – and Honor Bank can help.