A loan that is above conventional conforming loan limits is called a jumbo loan. Fannie Mae and Freddie Mac set this limit at $726,200 (as of 2023).
The two government-sponsored entities purchase loans from lenders, but if a loan amount is higher than the conforming loan limit, then neither of them will purchase that loan.
Typically, both Fannie and Freddie buy the bulk of U.S. residential mortgages from banks and other lenders, freeing up liquidity to lend more mortgages.
To sum it up, a jumbo loan is one with an amount more than $726,200. Florida Mortgage Firm offers jumbo loans with a lower amount for a down payment.
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