Finance
A 'jumbo loan' is a mortgage that:
AHas a term longer than 30 years
BExceeds the conforming loan limits set by Fannie Mae and Freddie Mac✓ Correct
CRequires more than 20% down payment
DIs issued by the federal government
Explanation
A jumbo loan exceeds the conforming loan limits set by the Federal Housing Finance Agency (FHFA) for purchase by Fannie Mae and Freddie Mac. Jumbo loans generally require stronger credit, larger down payments, and carry higher interest rates.
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