A loan that exceeds the limits set by Fannie Mae and Freddie Mac (usually when the loan amount is more than $200,000-400,000). Also known as a non-conventional or non-conforming loan, these mortgages usually have higher interest rates than standard loans.
Any mortgage greater than the limits set by Fannie Mae and Freddie Mac. Currently the limit is $333,700.
The current loan limit for a conforming loan is $275,000. Loans for amounts above $275,000 are considered non-conforming or jumbo mortgages.