Real Estate Term of the Day: Jumbo Mortgage
JUMBO MORTGAGE – a loan for an amount exceeding the statutory limit placed on the size of loans that Freddie Mac and Fannie Mae can purchase. Such loans must be maintained in the Lender’s portfolio or sold to private investors. These loans are typically required for purchase of luxury homes (Barron’s Dictionary of Real Estate Terms)
Below are the loan limits for both Freddie Mac and Fannie Mae conforming loans:
FREDDIE MAC:
Source: http://www.freddiemac.com/singlefamily/selbultn/limit.htm
FANNIE MAE:
Source: https://www.fanniemae.com/singlefamily/loan-limits
See Also: NON-CONFORMING LOAN
