A jumbo loan, also known as a non-conforming conventional mortgage, serves as a specialized financial solution for purchasing properties that exceed the cost limits defined by conventional conforming loans, which are capped at $726,200 in most counties by the Federal Housing Finance Agency (FHFA). The absence of backing from Fannie Mae and Freddie Mac makes jumbo loans riskier for lenders, leaving them vulnerable to potential losses in the event of borrower default. Jumbo loans offer flexibility with fixed or adjustable interest rate options and a variety of terms, enabling borrowers to access substantial funding for high-value real estate acquisitions, making them a key resource for those seeking to invest in upscale properties.
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