A jumbo mortgage is a loan that exceeds the mortgage loan limits that are not covered by Fannie Mae and Freddie Mac. Since these two agencies purchase the majority of residential mortgages from lenders and banks in the United States, they set the parameters in regard to how much money can be borrowed through a mortgage loan. Any mortgage loan amount above these parameters is considered to be a jumbo mortgage. Loans over the $417,000 limit set for conventional loans are considered jumbo loans.
While jumbo mortgage parameters may change from year to year and may be slightly modified in certain parts of the United States, these loans are currently reserved for those who need to borrow anywhere from $417,000 to $4,000,000. In parts of the United States where housing is typically more costly, however, the bottom end is set at $729,750.
Jumbo loans require 15% down payment up to 1 million dollar no mortgage insurance and 20% down payment up to 1.5 million.
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