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Jumbo loan
Looking for a large loan amount to purchase or refinance your home?A loan which is larger (more than $322,700 as of 1/1/03) than the limits set by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation. Because jumbo loans cannot be funded by these two agencies, they usually carry a higher interest rate.... : Jumbo loanJumbo loans explained
In some markets, a house in the $300,000 range is little more than a starter home. So why is it that a home loan in the mid $300’s is considered a Jumbo Loan? Good question. While the rest of us may see the term “jumbo” as relative, Fannie Mae and Freddie Mac, two government sponsored mortgage entities, have definite opinions. Each year, ... : Jumbo loans explainedConforming & Non-Conforming Mortgages
A conforming mortgage refers to a mortgage that is drawn up within the guidelines specified by the lending institutions referred to as Fannie Mae and Freddie Mac. The most common reason for a mortgage to be referred to as non-conforming is because the total amount of the mortgage exceeds the lending limits or total loan amount allowed. ... : Conforming & Non-Conforming MortgagesFor more information about jumbo loan: credit card?
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