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Definitions-
Jumbo Loan / Conventional Loan
| Jumbo
Loan
A loan above $227,150(as of 1/1/98). These limits are set by the
Federal National Mortgage Association
and the Federal Home Loan Mortgage Corporation. Because jumbo loans
cannot be funded by
these two agencies, they usually carry a higher interest rate.
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| Conventional
Loan
A mortgage neither insured by the FHA nor guaranteed by the VA.
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| FHA
Loan
A loan insured by the Federal Housing Administration open to all
qualified home purchasers. While there are limits to the size of FHA
loans ($239,250 as of 1/1/01), they are generous enough to handle
moderately-priced homes almost anywhere in the country.
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