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Jumbo Mortgages
Mortgages that exceed the loan limits set by Fannie Mae and Freddie Mac are considered non-conforming or jumbo. The upper limit of a jumbo loan is usually one million dollars and is available as a fixed or adjustable rate. These loans usually require larger down payments (in some cases 20%) than conventional mortgages and generally command up to ¼ to ½ point increase in rate over conforming financing.
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