Finance
A 'jumbo loan' is a mortgage that:
AExceeds Fannie Mae and Freddie Mac conforming loan limits✓ Correct
BIs available only to first-time homebuyers
CHas a term longer than 30 years
DRequires no down payment
Explanation
A jumbo loan exceeds the conforming loan limits set by Fannie Mae and Freddie Mac, making it ineligible for purchase on the secondary market and typically carrying higher rates.
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