Jumbo loans意思

"Jumbo loans" are mortgages that are larger than the conforming loan limits set by the Federal Housing Finance Agency (FHFA) for Freddie Mac and Fannie Mae. These limits vary by county and are set annually. Loans that exceed these limits are considered jumbo loans.

The conforming loan limits are typically higher than the standard conforming loan limits, which are set by the FHFA each year. For example, in 2023, the standard conforming loan limit is $647,200 for most counties in the United States. Loans that exceed this limit are considered jumbo loans.

Jumbo loans are typically offered by banks and other lenders, and they often have higher interest rates and stricter underwriting requirements than conforming loans. However, they can be a good option for borrowers who need to finance a more expensive home or who do not qualify for a conforming loan.