Posted by Bill K. (AZ) on April 07, 2000 at 20:06:48:
A “jumbo loan” is a loan greater than $240,000. These limits are set by the Federal National Mortgage Association (FNMA) and the Federal Home Loan Mortgage Corporation (Freddie Mac). Because jumbo loans cannot be funded by these two agencies, they usually carry a higher interest rate.
Finally, I have rolled closing costs into loans that AREN’T jumbos. So, I’m wondering why your agent told you that in regards to jumbos.
I hope this helps.
Bill K. (AZ)