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What Is a 30-Year Conventional Jumbo ARM?

April 26, 2017arm conventional Jumbo

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What Is a 30-Year Conventional Jumbo ARM?

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Jumbo ARMs are adjustable rate mortgages. “Jumbo” refers to the fact that the size of the mortgage is higher than the amounts that government agencies like Fannie Mae and Freddie Mac can invest in. In 2008 this limit was $417,000, and this year the limit was raised to $729,750. “Adjustable” means that the interest rate paid can be changed at a specified date in the future by the lending bank.