Luxury Homes

Jumbo Mortgage
A Jumbo Mortgage is a loan for an amount exceeding the statutory limit placed on the size of loans that Freddie Mac and Fannie Mae can purchase. These loans must be maintained in the lender's portfolio or sold to private investors rather than Fannie or Freddie. Often associated with the purchase of luxury homes, jumbo mortgages differ from conforming loans.

Accounting Terms Lexicon

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