Large mortgage loans in the United States that exceed the national guidelines set by Freddie Mac and Fannie Mae.
The term used to describe a loan that does not conform to Fannie Mae or Freddie Mac lending limits.
Loans that exceed the limits set by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation (over $240,000). These loans are processed like standard new home loans but because they canot be funded by either of the above agencies, they usually carry a higher interest rate.
Residential loans over $322,700.
mortgage loans that exceed the dollar amount as established for Fannie Mae (FNMA) and/or Federal Home Loan Mortgage Corporation (FHLMC).
Loans which exceed the Fannie Mae guidelines for loan size and amount. Jumbo loans may have different guidelines from a "conforming" loan.
Yup, they're big. Jumbo loans are mortgages that exceed Fannie Maeâ€(tm)s and Freddie Macâ€(tm)s loan limits, established at $359,650 as of January 1, 2005. Also called a nonconforming loan.
A mortgage loan that exceeds the amount that is acceptable by the government if the loan were to be resold (on the secondary market) to Fannie Mae and Freddie Mac. Usually, loans with a face value greater than $227,150 (as of 1/1/98).
Mortgages that exceed the maximum possible amount of conforming loan by Freddie Mac and Fannie Mae. These nonconforming loans may carry higher interest rate and at least 25% down payment.
Mortgage loans that exceed the loan amounts acceptable for sale in the secondary market; these jumbos must be packaged and sold differently to investors and therefore have separate underwriting guidelines.
Non-conforming loans that exceed Fannie Mae and Freddie Mac guidelines. Can be for up to $6 million and more.