What is a Jumbo Loan?
What is a Jumbo Loan?
A jumbo loan, also known as non-conforming loan, is a loan that exceeds Fannie Mae and Freddie Mac's loan limits. Last time we checked the amount, it becomes a Jumbo loan if the loan amount is $417,000 or higher.
Jumbo loans are riskier for the bank and often times have higher interest rates compared to conforming loans.
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