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The Jumbo Loan

A jumbo loan is a mortgage loan that may have high credit quality, but is in an amount above conventional conforming loan limits. These limits are set by Fannie Mae and Freddie Mac, the two government-sponsored enterprises that buy mortgages from lenders.

Benefits of a Jumbo Loan:
  • Tax deductible interest on loan (up to $1 million)
  • No PMI (Private Mortgage Insurance)
  • Higher loan amounts

Additional Information
With a jumbo loan, borrowers are required to have at least 6 months of mortgage payments in their bank account as opposed to conventional loan that only requires 1 or 2 months.