what’s a jumbo loan

Best answer


A jumbo loan is amortgage used to finance high-valued properties that are above the Federal Housing Finance Agency (FHFA) conforming loan limits. Jumbo loans are also known as non-conforming loans since they exceed the conventional local conforming loan limits as determined by the FHFA enterprises, Fannie Mae and Freddie Mac.

People also ask


  • 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.

  • What is a jumbo loan limit?

  • Most jumbo loan lenders have a limit on the loan amount for a home which is known as the loan-to-value (LTV) or combined-loan-to-value (CLTV) limit. The closer that the loan-to-value total is to 100%, the less likely it is that the lender will approve the loan. These loan-to-value limits can vary by lender.

    Related Posts

    Leave a Reply

    Your email address will not be published.