A jumbo (non-conforming) mortgage is a home loan with an amount that exceeds conforming loan limits imposed by Fannie Mae and Freddie Mac, the two government-sponsored enterprises that buy mortgages from lenders. These thresholds are based on averages and change annually. In most parts of the United States, the limits as of January 1, 2021 range from $548,250 to $822,375, based on area demographics.
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An FHA mortgage loan is a loan offered by the government and HUD (the Dept. of Housing and Urban Development). FHA is a program that was originally designed to assist first time home buyers by offering a lower down payment (3.5%) than that required by a conventional loan. You do not have to be a first time home buyer to qualify for the program.
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