Finance
Connecticut borrowers who take out a first-lien mortgage over a certain loan limit are considered to have a 'jumbo' or non-conforming loan because:
AThe loan exceeds the maximum loan limits set by Fannie Mae and Freddie Mac✓ Correct
BThe interest rate is above the federal maximum
CThe loan is for more than 30 years
DThe property is in a flood zone
Explanation
Jumbo loans exceed the conforming loan limits established by Fannie Mae and Freddie Mac (which vary by area). They cannot be sold to these GSEs and typically carry higher interest rates to compensate for greater risk.
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