Loan TypesHomebuying Glossary
Jumbo Loan
A mortgage that exceeds the conforming loan limits set for conventional loans.
In plain English
Jumbo loans finance amounts above the conforming loan limit (which varies by county and is updated annually) and aren't eligible for purchase by Fannie Mae or Freddie Mac, so they typically carry stricter credit and down payment requirements.
Why it matters
If you're buying in a high-cost area, understanding whether your loan amount crosses into jumbo territory affects both your rate and how much documentation you'll need.
Where you'll run into it
Guides and tools on TheBuyingPath that cover jumbo loan in context.
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