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Jumbo Loan

Definition of term

A jumbo loan is a mortgage loan that exceeds the conforming loan limits set by the Federal Housing Finance Agency (FHFA). Jumbo loans are available in fixed-rate and adjustable-rate mortgage (ARM) products. Jumbo loans typically carry higher interest rates than conforming loans. Lenders view jumbo loans as riskier, often charging higher interest rates to offset that risk. Government-sponsored enterprises (GSEs) like Fannie Mae and Freddie Mac do not back jumbo loans.

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