Real Estate Glossary

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Definitions of Nonconforming Loan

  • Also known as a Jumbo 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 Nonconforming Loan contributed by jimolenbush.

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Related Terms

FNMA
Jumbo Loan
Loan
Mortgage