Estate Purchase Guide glossary
Key terms
In brief
These terms come up when buying a high-value home with a jumbo loan, each with a primary source.
Last reviewed against the primary sources listed below.
- Jumbo loan
- A mortgage above the conforming loan limit for the county. Source: FHFA: Conforming loan limit values
- Conforming loan limit
- The maximum loan size Fannie Mae and Freddie Mac can buy, set yearly by FHFA. Source: FHFA: Conforming loan limit values
- Reserves
- Savings left after closing, measured in months of housing payments. Source: Fannie Mae Selling Guide B3-4.1-01: Minimum reserve requirements
- Variable income
- Pay that changes, like bonuses and commissions, which needs a documented history. Source: Fannie Mae: HomeView homebuyer education