Jumbo Loan Law and Legal Definition
A jumbo loan is also known as a non-conforming loan. It is a mortgage where the loan amount exceeds the limit set by Office of Federal Housing Enterprise Oversight (OFHEO) and therefore, not eligible to be purchased or guaranteed by Fannie Mae or Freddie Mac. Jumbo loans are often securitized by institutions other than Fannie Mae or Freddie Mac.
Legal Definition list
Related Legal Terms
- Acquisition and Improvement Loan [Veterans' Relief]
- Acquisition Loan [HUD]
- Acquisition, Development and Construction (ADC) Loan
- Adjustable Rate Mortgage Loan
- Administrative Cost of Issuing a Loan Guarantee
- Air Loan
- Allowance for Loan and Lease Losses
- Amortized Loan
- Automatic Premium Loan Option
- Average Agricultural Loan Customer
