Finance
A Virginia buyer obtains a 'jumbo loan.' This means the loan amount:
AExceeds the conforming loan limits set by Fannie Mae/Freddie Mac✓ Correct
BIs insured by the FHA
CIs made by a jumbo-sized bank
DHas a term longer than 30 years
Explanation
A jumbo loan exceeds the conforming loan limits set by the FHFA for Fannie Mae/Freddie Mac purchase. In high-cost areas of Virginia (like Northern Virginia), the conforming limit is higher, but loans above that limit are still considered jumbo.
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