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 Jumbo Loans
A jumbo loan, also known as a non-conforming loan, is a residential or commercial mortgage loan that does not conform to the guidelines set by Fannie Mae (the Federal National Mortgage Association) or Freddie Mac (the Federal Home Loan Mortgage Corporation). Basically, it is a loan that exceeds the limit and guidelines that Fannie Mae or Freddie Mac require for loans they are willing to purchase from mortgage originators.
The conforming loan limits are as follows: for houses in the contiguous United States, the maximum loan limit for a single family residence is $417,000. For a two unit property, the maximum loan amount is $533,850. A three unit property loan limit is $645,300 and a four unit loan limit is $801,950. In Alaska and Hawaii, the maximum loan limit for a single unit is $625,000; a two unit, $800,775; a three unit, $967,775; and a four unit, $1,202,925.
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