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Jumbo Loan |
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Jumbo Loan Any residential or commercial mortgage with a loan amount exceeding the guidelines of Fannie Mae and Freddie Mac. Notes: Rates tend to be slightly higher on jumbo loans because lenders generally have a higher risk.Jumbo loan Loans of $1 billion or more. Or, loans that exceed the statutory size limit eligible for purchase or securitization by the federal agencies. |
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Cambridge also reports that demand for multi-facility conventional jumbo loans for the acquisition or refinancing of independent living retirement apartments and assisted living facilities is on the rise. For example, if someone used a jumbo loan to buy a $470,000 home late last week, the monthly mortgage payment would be about about $155 more a month than if a traditional loan were used. This new product adds to the innovative collection of reverse mortgage offerings from SMC, including the recent addition of The Independence Plan(SM) proprietary jumbo loan. |
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Jumbo Loan
