jumbo mortgages
Large home financing
A jumbo mortgage is a home loan that exceeds the limits set by government-sponsored enterprises like Fannie Mae and Freddie Mac.
Because these loans can't be sold to those agencies, lenders take on more risk and typically require higher credit scores, larger down payments, and charge higher interest rates.
They needed a jumbo mortgage to buy in that neighborhood.
- lendersThose who provide loans
- financingProviding capital for purchases
- loansBorrowed money arrangements
- non-conformingNot meeting established standards
- Fannie MaeFederal mortgage corporation
real estate · underwriting · credit score · conventional · credit risk · amortization · subprime lending · luxury homes · high net worth · housing finance · foreclosure · bridge loans · closing costs · interest rates · securitization · debts · interest-only loans · repayment terms