what’s a jumbo loan

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  • What is a jumbo loan on a house?

  • A jumbo loan is a mortgage used to finance properties that are too expensive for a conventional conforming loan. The maximum amount for a conforming loan is $647,200 in most counties, as determined by the Federal Housing Finance Agency (FHFA). Homes that exceed the local conforming loan limit require a jumbo loan.

  • What is a jumbo loan specialty?

  • Specialties include general financial planning, career development, lending, retirement, tax preparation, and credit. What Is a Jumbo Loan? A jumbo loan, also known as a jumbo mortgage, is a type of financing that exceeds the limits set by the Federal Housing Finance Agency (FHFA).

  • What is a jumbo loan from AIG?

  • A jumbo loan, also known as a jumbo mortgage, is a type of financing that exceeds the limits set by the Federal Housing Finance Agency (FHFA). Unlike conventional mortgages, a jumbo loan is not eligible to be purchased, guaranteed, or securitized by Fannie Mae or Freddie Mac.

  • Why are jumbo loans called nonconforming loans?

  • Jumbo loans are called nonconforming loans because they do not conform to those limits. Because these jumbo mortgages don鈥檛 have the guarantees that come with conforming loans, borrowers tend to be subject to greater scrutiny and may or may not higher borrowing costs.

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