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jumbo mortgage |
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Jumbo Mortgage A mortgage loan so large that it exceeds the limits for securitization by U.S. government mortgage banks. A jumbo mortgage cannot be guaranteed or securitized by Freddie Mac or Fannie Mae. Because of this, jumbo mortgages carry higher credit risk and have historically been traded at a premium to conventional mortgages. jumbo mortgage A loan in an amount greater than the size limits for Fannie Mae or Freddie Mac purchase.The loans must remain in the lender's portfolio or be sold to other investors.Because the loans cannot be sold easily,some banks charge a higher interest rate for them. Jumbo Mortgage A mortgage larger than the maximum eligible for purchase by the two federal agencies, Fannie Mae and Freddie Mac. The maximum was $322,700 in 2003. However, some lenders use the term to refer to programs for even larger loans, such as greater than $500,000. Want to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit the webmaster's page for free fun content. |
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