Definitions for "Jumbo Loans"
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.