A jumbo mortgage is a mortgage
loan which is larger than the limits set by Fannie Mae and Freddie Mac
$417,000 for single family homes
$533,850 for two-family
homes;
$645,300 for three-family homes;
$801,950 for four-family homes.
One- to four- family mortgages in Alaska, Hawaii, Guam, and the U.S. Virgin Islands are 50 percent higher than the limits for the rest of the country.
The loan limit for second mortgages will be $208,500.
(As of 1/1/06)
Since
these two agencies will not purchase these types of loans, they usually carry a
slightly higher interest rate (to enhance their value and marketability to
investors).
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