So, what exactly is a Jumbo Mortgage?
The Federal Housing Financing Agency (FHFA) sets a maximum amount for standard mortgage loans. In most counties, that max is $510,400. So if you need a mortgage higher than that amount, you will likely need to apply for a jumbo loan. Jumbo loans are also called non-conforming conventional mortgages because they can’t be guaranteed by Fannie and Freddie. 因为贷方不能免于损失, 它们对借款人的要求要严格得多.