A jumbo loan is a mortgage used to finance properties that exceeds the limits of Fannie Mae or Freddie Mac's conventional conforming loan. The maximum amount for a (single family) conforming loan for 2024 is $766,550 nationally, as determined by the Federal Housing Finance Agency (FHFA). Homes that exceed the local conforming loan limit require either a high balance conforming (special loan limit programs established after the mortgage meltdown in 2008) or a jumbo loan.
Note that Fannie Mae and Freddie Mac do not purchase Jumbo loans so the guidelines of these programs vary slightly from lender to lender. Jumbo loans are typically available with either a fixed interest rate or an adjustable rate, and they come with a variety of terms.