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	Main Page-- MortgageRates Jumbo Loan In many metropolitan markets across the country a house that costs around $400,000 is little more than a starter home. Why is it that a mortgage in the mid-$400,000 range is considered a Jumbo Loan? The term "jumbo" is set by Fannie Mae and Freddie Mac, two government sponsored mortgage companies. Each year, Fannie and Freddie set new "conforming loan limits" for traditional mortgages. Loan Programs: 1031 Exchange Financing 1% Loans Auto Loan Adjustable Rate Mortgage (ARM) Assumption Mortgage Bad Credit Loan Bi-Weekly Loan Blanket Loan Boat Loan Business Loan College Loan Condominium Mortgage Conforming Loan Commercial Loan Cash out Loan Debt Consolidation FHA Loan Hard Money Loan Home Equity Loan Home Improvement Loan Interest Only Loan Investment Property Loan Jumbo Loan Land Loan Land Contracts Lease/Option Financing Mobile Home Loan Manufactured Home Loan No Documentation Loans No Cost Refinance Negative Amortization Loan Participation Loan Personal Loan Payday Loan Purchase Loan Refinance Loan Reverse Mortgage Streamline Refinancing Seller Carryback Stated Income Loan Subject To Finance Self Employed Loan Timeshare Loan TownHouse Mortgage VA Loan Wraparound Mortgage 2nd Mortgage 80-10-10 Loan 80-15-5 Loan 80-20 Loan What is Conforming Loan Limit? Fannie Mae and Freddie Mac purchase mortgages from lenders for resale on the securities market. The maximum loan amount they will purchase is referred to as the conforming loan limit. These funds are reinvested into new mortgages, providing a steady flow of funds for the mortgage industry. Every January, a new conforming loan limit is set. The 2006 limit for a single family home or condominium is $417,000. What makes a loan jumbo? When a loan amount is higher than the conforming limit of the lender, it becomes a Jumbo Loan. A Jumbo Loan is simply a non-conforming loan. It will usually have a slightly higher interest rate, but offers greater flexibility in purchasing a home. 2007 Jumbo Loan Limits: above $417,000 for single family mortgage above $533,850 for mortgages on two-family properties above $645,300 for mortgages on three-family properties  above $801,950 for mortgages on four-family properties Note: The limit in designated high-cost areas – Alaska, Guam, Hawaii and the U.S. Virgin Islands – will be 50 percent higher for first mortgages.   Alabama Jumbo loan Alaska Jumbo Loan Arizona Jumbo Loan Arkansas Jumbo Loan California Jumbo Loan Colorado Jumbo Loan Connecticut Jumbo Loan Delaware Jumbo Loan District Of Columbia Jumbo Loan Florida Jumbo Loan Georgia Jumbo Loan Hawaii Jumbo Loan Idaho Jumbo Loan Illinois Jumbo Loan Indiana Jumbo Loan Iowa Jumbo Loan Kansas Jumbo Loan Kentucky Jumboy loan Louisiana Jumbo Loan Maine Jumbo Loan Maryland Jumbo Loan Massachusetts Jumbo Loan Michigan Jumbo Loan Minnesota Jumbo Loan Mississippi Jumbo Loan Missouri Jumbo Loan Montana Jumbo Loan Nebraska Jumbo Loan Nevada Jumbo Loan New Hampshire Jumbo Loan New Jersey Jumbo Loan New Mexico Jumbo Loan New York Jumbo Loan North Carolina Jumbo Loan North Dakota Jumbo Loan Ohio Jumbo Loan Oklahoma Jumbo Loan Oregon Jumbo Loan Pennsylvania Jumbo Loan Rhode Island Jumbo Loan South Carolina Jumbo Loan South Dakota Jumbo Loan Tennessee Jumbo Loan Texas Jumbo Loan Utah Jumbo  Loan Vermont Jumbo Loan Virginia Jumbo Loan Washington Jumbo Loan West Virginia Jumbo Loan Wisconsin Jumbo Loan Wyoming Jumbo Loan