Jumbo Loan

Jumbo Loan:

A jumbo loan is a loan in which the amount borrowed is greater than the loan limit set by Fannie Mae (FNMA) & Freddie Mac (FHLMC). A loan amount greater than $453,100, is considered a jumbo loan.

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Advantages:

Able to finance a home that is over the maximum loan amount of $453,100 established by Fannie Mae and Freddie Mac

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Enables a borrower to purchase “more house”