Jumbo Loans
High-balance financing for luxury homes and properties in highly competitive real estate markets.
What are Jumbo Loans?
A Jumbo loan is a mortgage used to finance properties that exceed the conforming loan limits set by the Federal Housing Finance Agency (FHFA). In most areas, any loan amount higher than standard limits is considered a Jumbo loan.
Because these loans cannot be purchased by Fannie Mae or Freddie Mac, they carry more risk for the lender. As a result, Jumbo loans typically require stricter credit guidelines, larger down payments, and more substantial cash reserves compared to conforming loans.
Best For Which Buyers?
- Luxury Homebuyers: Buyers looking at high-end properties.
- High-Cost Area Residents: Those buying in competitive real estate markets across Michigan.
- High Earners: Borrowers with strong credit, substantial income, and healthy cash reserves.
Key Benefits
- ▸Finance luxury properties with a single loan (no need for a second mortgage)
- ▸Competitive interest rates for highly qualified buyers
- ▸Flexible term options available (fixed and adjustable rates)
- ▸Can be used for primary residences, second homes, or investment properties
Why Work With Lake State Mortgage?
At Lake State Mortgage, we provide personalized guidance, a wide variety of loan solutions, and local, responsive service to match your individual financial goals.
Michigan Experts
Deep understanding of Grand Rapids and Michigan real estate, local guidelines, and state programs.
Wholesale Rates
Shopping dozens of wholesale lenders to find the best rate for your situation.
Competitive Rates
Access to a wide variety of loan programs to find the best rate for your situation.
5-Star Service
A commitment to clear communication and a stress-free closing process.
Fast Approvals
Streamlined processing to get your loan closed quickly and efficiently.
Jumbo Loans FAQs
What Our Clients Say
"Kevin Wildman of Lake State Mortgage and his assistant, Christina, are like a godsend!!!"
Kevin Wildman of Lake State Mortgage and his assistant, Christina, are like a godsend!!! From the very first day I spoke to Kevin and all the way through the process, he was very kind, humble, patient, professional, attentive... Shall I go on? They were with us every step of the way!
Robert Shipley
Zeeland, MI
"Very Customer Focused"
Kevin and his team were prompt, friendly, and very available, even off hours. His team members were extremely helpful, and helped us complete all documentation easily and quickly. They also answered questions outside their area to help us with closing.
Aaron R.
Spring Lake, MI
"Amazing Service"
Lake State Mortgage provided excellent service. Every member of the staff was courteous, thorough, and quick to assist us with every question or issue. They even helped us find an agent to provide a great home insurance premium. We closed with a VA loan in four weeks!
April Norcross
Grand Rapids, MI
"Investment Home - Refi (AWESOME LENDER!)"
We found Kevin and learned about our various options with refinancing the home in order to re-invest in another property. Kevin was incredibly helpful, resourceful and guided us through every step of the process. We are definitely using him for all our mortgage needs in the future!
Jo Gamrot
Muskegon, MI
"Purchase on a new home - Record time closing!"
Kevin and his team are amazing! They were efficient, and were able to close my mortgage for me in record time. I was with a different lender at first that gave misleading information and expectations that were never met. So I switched my mortgage to Kevin's office and it was smooth sailing!
L. Decker
Indian River, MI
"Seamless MSHDA Down Payment Assistance"
Lake State Mortgage helped us secure $10,000 in MSHDA down payment assistance as first-time buyers in Grand Rapids! Kevin Wildman and his team walked us through every requirement without making it feel overwhelming.
Michael & Sarah K.
Grand Rapids, MI
Ready to Explore Jumbo Loans?
Apply online in minutes or call our 24/7 AI pre-qual hotline.