What makes a mortgage loan type a "jumbo" versus conventional?
Posted by admin | Under Conventional Mortgage Friday Nov 7, 2008
A jumbo loan is a loan that exceeds the maximum limits set by Fannie Mae and Freddie Mac. These limits are what this two organizations are willing to spend to buy a mortgage from the mortgage originators. They usually have a higher interest rate because they are not as marketable.
If I'm not mistaken it has to do with the amount of the loan.
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A jumbo loan is a loan that exceeds the maximum limits set by Fannie Mae and Freddie Mac. These limits are what this two organizations are willing to spend to buy a mortgage from the mortgage originators. They usually have a higher interest rate because they are not as marketable.
References :
it should be on low interest.
References :
http://www.freewebs.com/get-loan-online/
Currently $417K and above are considered jumbo loans for single family homes. The link below provides you with a chart.
References :
http://mortgage-x.com/library/loans.htm , Mortgage Broker, http://www.losethearm.com
loans $417,000 and greater are jumbo
References :
http://www.choicefinance.net/search-maryland-virginia-dc-real-estate.htm