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Jumbo loan |
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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. Jumbo Loan 1. A mortgage loan so large it exceeds the limits for securitization by U.S. government mortgage banks. As such, a jumbo loan cannot be guaranteed or securitized by Freddie Mac or Fannie Mae. Because of this, jumbo loans carry higher credit risk and have historically been traded at a premium to conventional mortgages. 2. A loan of $1 billion or more. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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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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