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What is a jumbo loan amount?
A jumbo loan (or jumbo mortgage) is a type of financing where the loan amount is higher than the conforming loan limits set by the Federal Housing Finance Agency (FHFA). The 2021 loan limit on conforming loans is $548,250 in most areas and $822,375 in high-cost areas.
When would you use a jumbo mortgage?
You鈥檇 use a jumbo mortgage when you鈥檙e seeking a loan amount that鈥檚 greater than the conforming loan limit in your area. In most of the country, that means you鈥檒l use a jumbo mortgage if your loan amount is greater than $548,250.
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.