![]() These limits outline the maximum loan amount government-sponsored enterprises (Fannie Mae and Freddie Mac) are willing to purchase on the secondary market. What exactly is a jumbo loan?Ī jumbo loan is a mortgage loan that’s higher than the conventional conforming limit.Ĭonforming limits are annually set by the Federal Housing Finance Agency. The following guide is a great place to start. No matter where you are in your journey to homeownership, you should fully research and understand the definition, benefits, and process of taking out a jumbo loan. However, a jumbo loan can have big advantages for qualified applicants. Are you considering a jumbo loan or curious about one? As the name implies, a jumbo loan is a larger loan size that subsequently makes it a jumbo decision.
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