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What is the difference between a jumbo loan and a conforming loan?

April 26, 2017conforming Jumbo loan

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What is the difference between a jumbo loan and a conforming loan?

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A jumbo loan is a loan greater than the limit set by the Federal National Mortgage Association (FNMA) and the Federal Home Loan Mortgage Corporation (FHLMC). The limit changes every year and is currently at $359,650. A conforming loan is a loan of $359,650 or less.