A loan that is larger than the limits set yearly by Fannie Mae and Freddie Mac ($359,650 as of 1/1/2005). Because jumbo loans cannot be funded by these two agencies, jumbo loans usually carry a higher interest rate. Also called a non-conforming loan.
For Alaska, Hawaii, and the Virgin Islands, the limit is 50% higher. Spread between conforming and jumbo loan financing rates varies with the economy.
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