Finance
In Michigan, a 'jumbo loan' exceeds:
A$100,000
BThe conforming loan limit set by the FHFA for the county✓ Correct
C$500,000 in all counties
DThe FHA maximum loan limit
Explanation
A jumbo loan exceeds the conforming loan limit established annually by the FHFA (Federal Housing Finance Agency) for the specific county. Jumbo loans carry stricter underwriting requirements and are not eligible for Fannie Mae/Freddie Mac purchase.
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