15-Year Jumbo - Definition

A 15-year jumbo mortgage is a home loan that exceeds the limits set by Fannie Mae and Freddie Mac (in 2003, the limits are $322,700 for a single-family home, $484,050 in Alaska, Hawaii and the U.S. Virgin Islands). Jumbo mortgages generally have a slightly higher interest rate than smaller (sometimes called "conventional" or "conforming") mortgages.