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Non-conforming Loan

Function: noun

Definition 1:
Also called a jumbo loan. A conventional home mortgage that is 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 2009 non-conforming loan limit was $333,701 and above.