jumbo loan

Definition of "jumbo loan"
  1. A mortgage loan surpassing the limit set by the Federal Housing Administration, typically carrying a higher interest rate due to the absence of government backing
How to use "jumbo loan" in a sentence
  1. They had to secure a jumbo loan to purchase the upscale beachfront property.
  2. Due to the high price of the house, they had to consider a jumbo loan.
  3. The bank suggested a jumbo loan due to the luxury nature of the property being purchased.

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