jumbo loans
Oversized home financing
A jumbo loan is a mortgage that exceeds the limits set by government-sponsored enterprises like Fannie Mae and Freddie Mac, making it ineligible for their backing.
These loans finance high-value properties and typically require larger down payments, higher credit scores, and carry slightly higher interest rates than conforming loans: They needed a jumbo loan for the $2 million house.
- mortgageSecured home loan
- conventionalFollowing accepted practices
- conformingMeeting accepted standards
- luxuryExpensive nonessential comfort
- luxury propertyHigh-value residential holding
refinance · underwriting · down payment · interest rate · property · big ticket · mansion · estate · dream home · lender · qualification · high net worth · credit score · appraisal · millionaire · expensive · threshold · limit