Jun 21
A quick definition of Jumbo loan states that these are those loans that do not follow the guidelines set out by Fannie Mae (Federal National Mortgage Association). The reason behind this is that the prices set out by the two companies Fannie and Freddie are often too high for a borrower to get through. To help such people finance a home at an affordable price, Jumbo loan was initiated that is a non-conforming residential loan that exceeds the limit and guidelines of Fannie Mae.
The jumbo loans have been set every January, since the January of 2006, with the amount of $417,000 for a single residence home and a for a two unit property it totals up to $533,850.
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