What is a jumbo loan?

John C Brandy, Financial Consultant (Hourly)

@brandyjc09/26/16

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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.

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

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