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jumbo mortgage
(redirected from Jumbo mortgages)

    Also found in: Wikipedia 0.01 sec.
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.
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MC: It's really a myth that jumbo mortgages are unavailable.
Untangling today's web of mortgage offerings by Mack, Kelly Kennedy / Real Estate Weekly
We offered conventional conforming mortgages, of course, that we could sell to Fannie Mae," explained Donna Bland, chief financial officer for the credit union, "along with the so-called jumbo mortgages when the prices were high.
The Golden 1 Credit Union starts offering FHA-insured mortgages by Morrison, David / Credit Union Times
The jumbo market is primarily a private security market, which means if, for example, it's being driven by Wall Street firms that may be packaging up jumbo mortgages into a mortgage-backed security and they stop, then there's no market, which is effectively what happened in the fall of 2007.
Decline of jumbo loans hurting mortgage lenders by Walden, Jamie / Arkansas Business
 
 
 
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