- non-conforming
loan
- Also
called a jumbo loan. Conventional home mortgages
not eligible for sale and delivery to either Fannie
Mae (FNMA) or Freddie Mac (FHLMC) because of various
reasons, including loan amount, loan characteristics
or underwriting guidelines. Non-conforming loans
usually incur a rate and origination fee premium.
The current non-conforming loan range is $240,001
and above .
-
- note
- A
written agreement containing a promise of the signer
to pay to a named person, or order, or bearer, a
definite sum of money at a specified date or on
demand.
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