What are jumbo loans?
Jumbo loans are a type of mortgage loan for particularly high-priced real estate properties. In the United States, conventional conforming loan limits, which are set by Fannie Mae and Freddie Mac, determine the maximum amount of a mortgage’s values that these institutions will purchase. Mortgage loans in excess of these maximum values are known as jumbo loans, and represent a slightly higher risk to the lender than a normal mortgage property, for several reasons.
If you would like to learn more about jumbo loans, contact Easy Road Home today by calling our offices at 888-405-2817.