Jumbo Loan

A Jumbo loan or non-conforming loan is when the loan amount exceeds the Federal Housing Finance Agency (FHFA) conforming loan limits followed by government-sponsored entities like Fannie Mae and Freddie Mac. Such loans are used to finance the more expensive properties.

If you’re in the market for homes that have high mortgage amounts, such as very large houses or properties in high-cost areas, jumbo home loans are definitely something you’ll want to be familiar with.