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What is a jumbo mortgage, and how does it differ from a conventional mortgage?
Posted : 28/04/2024 4:26 pm
A jumbo mortgage is a type of conventional loan that exceeds the loan limit set by the Federal Housing Finance Agency (FHFA), which is $766,550 in most areas and up to $1,149,825 in higher-priced areas. Jumbo mortgages are used to purchase properties with steep price tags, often those that run into the millions of dollars, and have more stringent requirements for borrowers than conventional loans.
Posted : 30/04/2024 5:29 pm