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What is a Jumbo Loan and What is a Conforming Loan?
A jumbo loan, which is also known as a non-conforming loan, is a mortgage that exceeds the maximum loan limits set by the government-sponsored entities Federal National Mortgage Association (FNMA) and the Federal Home Loan Mortgage Corporation (FHLMC), commonly known as Fannie Mae and Freddie Mac, respectively.

Conforming loans, on the other hand, simply are loans that are within the limits.

Also, mortgage lenders sometime refer to "jumbo loans" when talking about mortgage programs that have relatively larger loans (such as a loan for more than $1 million).

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