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What is a Jumbo Mortgage?

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What is a Jumbo Mortgage?

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A mortgage larger than the maximum eligible for purchase by the two Federal agencies, Fannie Mae and Freddie Mac, currently $417,000. Jumbo mortgages carry a higher rate of interest than a conforming loan.

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A mortgage larger than the maximum eligible for purchase by the two Federal agencies, Fannie Mae and Freddie Mac, currently $417,000.

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