WHAT IS A JUMBO LOAN?
A jumbo loan, or a jumbo mortgage, is a type of financing that exceeds the amount the Federal Housing Finance Agency (FHFA) allows. A jumbo loan is ineligible to be purchased, securitized or guaranteed by Fannie Mae or Freddie Mac.
A jumbo mortgage is a home loan that exceeds the conforming loan limits that are imposed by both Fannie Mae and Freddie Mac (the government-sponsored organizations that buy mortgages from lenders).
JUMBO LOANS VS CONFORMING LOANS
Jumbo loan borrowers need at least six months’ worth of reserves in their bank accounts after closing costs. Conforming loan borrowers may only be required to have one or two months’ worth of mortgage payments.
To learn more about Jumbo Loans, contact USAFC Realty.
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