What are Jumbo Loans?
Large home loans such as jumbo mortgages or a jumbo loans go beyond the limits established by Fannie Mae or Freddie Mac. They are referred to as non-conforming mortgages as well. The federal government does not guarantee these loans.
Jumbo loans can be a fixed interest rate or an adjustable rate mortgage with several term options. Homebuyers often use jumbo loans when they need to borrow more than the conforming loan limits set by the federal government in their geographical area.