Jumbo mortgage
Definition
A mortgage larger than the maximum eligible for purchase by the two Federal agencies, Fannie Mae and Freddie Mac, $333,700 in 2004 (see Non-conforming mortgage). However, some lenders use the term to refer to programs for even larger loans, such as, e.g., greater than $500,000.
Related Terms Other terms related to 'Jumbo mortgage' starting with the letter 'J' Junk fees Browse by Letter » 1 4 A B C D E F G H I J L M N O P Q R S T U V W Y | 