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What is a Jumbo Loan?

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What is a Jumbo Loan?

15 Answers

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Conventional Jumbo Loans are defined by the Federal Housing Administration (FHA) on a per county basis. Historically a jumbo loan has been defined as any residential mortgage with a loan amount over $406,000 but recently the FHA has been using the median income in each county to determine the jumbo amount.

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Jumbo loans are mortgages that exceed the maximum loan amount established by the Federal National Mortgage Association (FNMA) and Federal Home Loan Mortgage Corporation (FHLMC). Currently, any loan over $417,000 for a single-family residence, is considered a jumbo.

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Jumbo loans are mortgages that exceed the maximum loan amount established by the Federal National Mortgage Association (FNMA) and Federal Home Loan Mortgage Corporation (FHLMC). Currently, any loan over $417,000 for a single-family residence, is considered a jumbo.

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Jumbo loans are mortgages that exceed the maximum loan amount established by the Federal National Mortgage Association (FNMA) and Federal Home Loan Mortgage Corporation (FHLMC). Currently, any loan over $252,700 for a single-family residence, is considered a jumbo.

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A jumbo loan is a mortgage that exceeds the maximum loan amount established by Fannie Mae and the Federal Home Loan Mortgage Corporation (Freddie Mac). Jumbo loans are also referred to as “non-conforming” loans.