Finance
A jumbo mortgage loan is one that:
AHas a term of more than 30 years
BExceeds the conforming loan limits set by Fannie Mae and Freddie Mac✓ Correct
CIs guaranteed by the FHA
DRequires less than 5% down payment
Explanation
A jumbo mortgage exceeds the conforming loan limits established by Fannie Mae/Freddie Mac and cannot be purchased by these agencies. Jumbo loans typically require stricter credit standards, higher down payments, and carry higher interest rates.
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