Jumbo Mortgage

A jumbo mortgage is a mortgage with a loan amount above the industry standard definition of conventional conforming loan limits. This standard is set by the two largest secondary market lenders, Fannie Mae and Freddie Mac. As of 2007, the limit is $417,000 Jumbo mortgage loan options are similar to traditional loan programs. No money down programs are generally not available, but instead require a minimum of 5% down payment for a jumbo mortgage. Jumbo loans can be fixed, adjustable, balloon, option ARMs or stated income.