A jumbo loan, also known as “non-conforming,” is one that typically is larger than $484,350, and exceeds the limits set by Fannie Mae and Freddie Mac, the two government-sponsored organizations that buy mortgages from lenders. Because jumbo loans cannot be funded by these two agencies, they usually carry higher interest rates. In general, jumbo loans often are used for large, single-family homes.
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At one of our partner banks, a mortgage professional will answer any question you may have, and he or she will walk you through the loan application process.
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