What is a jumbo loan?

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John C Brandy, Financial Consultant (Hourly)

@brandyjc • 09/26/16 This answer was first published on 09/26/16. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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It's exactly the same thing as a "non-conforming" loan. That is, for 2016, the loan limit for "conforming" is $417,000. There's 39 counties with more expensive houses and therefore higher conforming limits, but that's only 39 in the whole country.

Here's a direct link to the FHFA website where they set those rates.

https://www.fhfa.gov/Media/PublicAffairs/Pages/2016-Maximum-Fannie-and-Freddie-Conforming-Loan-Limits-Established.aspx

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