What is a jumbo loan?

Answer A jumbo loan is higher than the money limits set by Fannie Mae and Freddie Mac, the two agencies responsible for insuring most mortgages approved in the United States. A single family property requ... Read More »

Top Q&A For: What is a jumbo loan

How big is a jumbo loan?

Also known as a non-conforming loan, a jumbo loan is a mortgage for an amount that is more than the current limit of a conforming loan. Each January, the conforming loan limit is established by the... Read More »

What is a jumbo arm loan?

A jumbo ARM loan is a mortgage that does not meet the conforming loan limits set by the Federal Housing Finance Agency and has an adjustable interest rate (ARM).What Are Conforming Loan Limits?The ... Read More »

What is a jumbo mortgage loan?

A jumbo mortgage loan is a mortgage that exceeds the limit set by Fannie Mae. Fannie Mae is a government organization that guarantees mortgages.SizeThe conforming loan limit is adjusted each year b... Read More »

Definition of a Jumbo Loan?

The purchase or refinance of an expensive home may require the use of a jumbo mortgage. The term jumbo mortgage refers to home loans that are larger than the typical mortgage loan size.