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.
References in periodicals archive ?
Wold oversaw the securitization of approximately $400 billion of residential mortgage loans, with a majority of the issuance being backed by prime jumbo loans.
According to the Wall Street Journal, "rates on jumbo loans have.
5%) of the five states with the highest volume of jumbo loans outstanding.
During the first two months of 2010 Florida had the biggest jump (nearly 1%) of the five states with the highest volume of jumbo loans outstanding.
Florida saw the biggest monthly jump of the five states with the highest volume of jumbo loans outstanding.
In addition to the new property website, Sterling Savings Bank continues to offer special financing on jumbo loans and condominium financing, two markets that have been adversely affected by the nationwide housing slowdown.
For Jumbo Loans and FHA Streamlines refinances in Texas, Morales is offering a $300 credit at closing simply by mentioning this press release.
Sterling Savings Bank is offering special programs for jumbo loans and condominium financing, both markets that have been adversely affected by the nationwide mortgage slowdown.
4% and non-conforming jumbo loans priced at approximately 7.
While the mortgage market is forcing Wall Street and most other lenders to retreat from these premium jumbo loans, E-LOAN is leveraging its financial strength to aggressively pursue this valuable group of borrowers with highly competitive mortgage rates," said Mark Lefanowicz, president of E-LOAN.
American Financial Exchange offers residential and commercial loans, home loan lending, refinance loans, purchase loans, hard money loans, jumbo loans and more.
Non-conforming or jumbo loans typically carry a higher mortgage interest rate than a conforming loan, increasing the monthly payment and negatively impacting affordability for households in California.