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What is a Jumbo Loan?

A jumbo loan is a mortgage loan that exceeds the conforming loan limits set by the Office of Federal Enterprise Housing Oversight.

For borrowers with low debt to income ratios and good credit scores, jumbo loans are often utilized for purchases of larger or luxury homes. Often times jumbo loans are too large in size to be guaranteed by Fannie Mae and Freddie Mac, and are securitized in other ways.

Keywords: interest rates, mortgage, securitized, Fannie Mae, Freddie Mac, credit score, mortgage loans, jumbo mortgages,