Real Estate Glossary

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Definitions of Jumbo Loan

  • This refers to a nonconforming mortgage loan with an loan amount that exceeds $417,000 (2006). These loans usually have higher interest rates or closing costs than regular conforming loans.
  • Also known as a Nonconforming Loan. This refers to mortgage loan that exceeds $417,000 (2006) and does not conform to FNMA and FHLMC guidelines. These loans usually carry higher interest rates. This definition of Jumbo Loan contributed by jimolenbush.

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Related Terms

Closing Costs
Conforming Loan
FNMA
Loan
Mortgage
Nonconforming Loan