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Jumbo Mortgage Loans
Fannie Mae and Freddie Mac arbitrarily set the limits about every 1-2 years of what they consider the cutoff between conforming loans and jumbo loans. If your loan amount is lower than or equal to that amount (as of 09-05-06, the cutoff is $417,000), you have a conforming loan amount. Above the limit, your loan becomes a "jumbo." If you fall into the jumbo category, your interest rate will typically be significantly higher, and the underwriting process may be a somewhat more burdensome. This is due to the fact that higher loan amounts are considered more risky.
