Finance
In Kentucky, a 'jumbo loan' is a mortgage that:
AHas a term greater than 30 years
BExceeds the conforming loan limits set by Fannie Mae and Freddie Mac✓ Correct
CIs government-guaranteed
DIs used only for commercial properties
Explanation
A jumbo loan exceeds Fannie Mae/Freddie Mac conforming loan limits (which vary annually). Because they can't be sold to these agencies, jumbo loans typically have stricter underwriting and higher interest rates.
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