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A Jumbo Loan is a mortgage that exceeds the loan limits set by Fannie Mae and Freddie Mac, the government-sponsored enterprises that buy and sell mortgages from private lenders. In 2023, the loan limits are $726,200 for a single-family home in most U.S. counties (and $1,089,300 in high-cost areas).
Jumbo loans are typically more expensive than conforming loans. This is because they are considered to be riskier for lenders, as they are not backed by Fannie Mae or Freddie Mac. As a result, jumbo loans typically have higher interest rates and require larger down payments than conforming loans.
Here are some additional details about jumbo loans: