JUMBO LOANS
A jumbo mortgage is a mortgage with a loan amount above conventional conforming loan limits. As of 2011, the limit is $417,000 for most of the US, apart from Alaska, Hawaii, Guam, and the U.S. Virgin Islands, where the limit is $625,500. This standard is set by the two government-sponsored enterprises Fannie Mae and Freddie Mac, and sets the limit on the maximum value of any individual mortgage. The average interest rates on jumbo mortgages are typically higher than for conforming mortgages.
Jumbo Loan Rates - updated daily
Source: Monitor Bank Rates
On February 13, 2008 President George W. Bush signed the Housing and Economic Recovery Act of 2008 (Pub.L. 110-289, 122 Stat. 2654, enacted July 30, 2008) which temporarily increased the conforming limit in the United States. The limit was raised to $729,750 or 125% of the median home value within the metropolitan statistical area, whichever is the lesser. Initially due to expire in December 2008, the new limits have been extended through 2010. Mortgage lenders have not freely adopted these new limits, making them essentially "theoretical".
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