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What is Jumbo Loan

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When any loan is given more than the normal limit of loan giving, it will be the jumbo loan because borrower is of good quality. His credit rating is high quality. So, he can take the benefit of getting more loan which will be jumbo loan.


Rate of interest on jumbo loan will be high because giving more loan than normal limit will increase the risk of lender. So, lender will demand more interest on his given loan. Loan limit is set by Office of Federal Housing Enterprise Oversight. Jumbo loan will more than this limit. This loan will given due to increase in the prices of homes. When prices of homes will increase fastly, than normal rate of interest on loan, lender can take big opportunity. For example, today market value of home is same as given loan. But in future if home value will increase fastly but due to not buyer in the market, lender can buy it cheap rate due to the pressure of selling home for getting his loan payment fastly.

As per Bank of America 

  • The current conforming loan limit for a single-family home is $417,000 for all states—except Hawaii and Alaska, where it is $625,500
  • In federally designated high-priced markets in the continental United States, conforming high-balance limits range from $417,001 to $625,500 and, in designated markets in Hawaii, from $625,501 to $721,050. To note, conforming high-balance loans typically have higher interest rates, stricter underwriting and larger down payment requirements than standard conforming loans, but are generally priced lower than jumbo loans.  Additionally, limits may be different for multi-unit properties.
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Accounting Education: What is Jumbo Loan
What is Jumbo Loan
Accounting Education
https://www.svtuition.org/2015/06/what-is-jumbo-loan.html
https://www.svtuition.org/
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