the distinction between jumbo and super jumbo is also based upon the amount of the loan. lenders internally determine where they set classifications. In many parts of the country $1,000,000 is the demarcation line, but in wealthy areas the floor for super jumbo might be closer to $1,500,000 or $2,000,000.
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A good jumbo mortgage is tough to find. A good super-jumbo mortgage, even tougher. Finding good loans for more than your local loan limit take a little bit of research and a little bit of luck.
A mortgage is generally considered a Jumbo Loan when it exceeds the conforming loan limit, $484,350 in most U.S countries, set by Fannie Mae and Freddie Mac. Super Jumbo Loans usually include mortgage amounts over $1 million .
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A jumbo loan – another name for a jumbo mortgage – is a type of financing that exceeds the limits set by the Federal Housing Finance Agency. Designed to finance luxury properties and homes in.
Jumbo Conforming Loan 30-Year Fixed Jumbo Home Loan – What is a Jumbo Loan? A jumbo loan is just what it sounds like-a large Home Loan. A jumbo loan can also be referred to as a non-conforming mortgage because it doesn’t conform to the loan limits created by Congress via the Federal Home Loan Mortgage Corporation (sometimes referred to as Freddie Mac) and the Federal National Mortgage Association (FNMA, sometimes referred to as.