A Jumbo Loan is a mortgage that exceeds the loan limits set by Fannie Mae and Freddie Mac. They are also considered non-conforming.
Typically a Jumbo loan can range up to two million dollars. A Jumbo 85% No PMI mortgage allows the borrower the flexibility of having a lower down payment. However the maximum amount loan amount cannot exceed $1.5 Million.
Purchase and rate/term refinance transactions are eligible for Jumbo Loan programs.