Jumbo loans for high-end buyers: a Jumbo Loan is a conventional loan that exceeds conforming loan limits. The statewide median is 14 percent higher than the loan limit, which means buyers are often pushed into more expensive jumbo loans.
http://financial-dictionary.thefreedictionary.com/Jumbo+Loans
What is a 30 Year Fixed Rate Jumbo Mortgage Loan? As the name implies, a jumbo mortgage loan is one that is bigger than a normal mortgage loan. Specifically, a jumbo loan is one where the originating principal balance exceeds the amount of a conventional conforming mortgage loan. Conforming loan limits are set by the Government Sponsored Enterprises (GSE), Fannie Mae (FNMA) and Freddie Mac (FHLMC).
http://www.mademan.com/mm/30-year-fixed-jumbo-mortgage-definition.html
Because jumbo loans are bought and sold on a much smaller scale, they often have a little higher interest rate than conforming loans, but the spread between the two varies with the economy.
http://financial-dictionary.thefreedictionary.com/Jumbo+Loans
DEFINITION of 'Conforming Loan'. A mortgage that is equal to or less than the dollar amount established by the conforming loan limit set by Fannie Mae and Freddie Mac's Federal regulator, The Office of Federal Housing Enterprise Oversight (OFHEO) and meets the funding criteria of Freddie Mac and Fannie Mae. Conforming Loan Limit.
http://www.investopedia.com/terms/c/conformingloan.asp
If you are considering applying for a jumbo mortgage here are some things to expect and consider: 1  A down payment of 20% will be required. 2  If you plan on refinancing, you will need approximately 20% equity in your property.  Income verification and proof of the ability to make the monthly payment will be required.
http://www.mademan.com/mm/30-year-fixed-jumbo-mortgage-definition.html
DEFINITION of 'Conforming Loan'. A mortgage that is equal to or less than the dollar amount established by the conforming loan limit set by Fannie Mae and Freddie Mac's Federal regulator, The Office of Federal Housing Enterprise Oversight (OFHEO) and meets the funding criteria of Freddie Mac and Fannie Mae. Next Up.
http://www.investopedia.com/terms/c/conformingloan.asp
A 30 year fixed rate jumbo mortgage paid as scheduled will have 360 equal monthly payments over the life of the loan. The interest will not vary; in the early stages of the repayment, more money will be applied to interest instead of the principal.
http://www.mademan.com/mm/30-year-fixed-jumbo-mortgage-definition.html
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.
http://financial-dictionary.thefreedictionary.com/Jumbo+Loans
A mortgage for more than the conforming limit set by Fannie Mae and Freddie Mac. In most counties, any mortgage of more than $417,000 is a jumbo loan. In counties with high home prices, the conforming limit is higher -- up to $625,500. For years, the interest rates on jumbo loans were consistently higher than the rates on conforming and FHA mortgages. But that changed during the recovery from the mortgage and real-estate meltdown of 2007 and 2008.
http://www.bankrate.com/finance/mortgages/new-jumbo-loan-limits-state.aspx
uk ​ us ​ also jumbo mortgage FINANCE, PROPERTY. › in the US, a very large mortgage. Jumbo loans involve more financial risk and cannot be traded by organizations that are controlled by the government such as Fannie Mae and Freddie Mac: It's tougher today to qualify for so-called jumbo loans - $417,000 and up.
http://dictionary.cambridge.org/us/dictionary/english/jumbo-loan
jumbo loan definition
Jumbo loan is a conventional loan that exceeds conforming loan limits. A jumbo loan is a conventional loan that exceeds conforming loan limits.