Finance
In South Carolina, a 'jumbo loan' refers to a mortgage that:
AHas an unusually long repayment term
BExceeds the conforming loan limits set by Fannie Mae/Freddie Mac✓ Correct
CRequires a jumbo down payment of 30%
DHas a jumbo interest rate above 8%
Explanation
A jumbo loan exceeds the conforming loan limits (set annually by FHFA) for Fannie Mae/Freddie Mac purchase. Jumbo loans cannot be sold to these GSEs and typically have stricter underwriting requirements.
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