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What is a Jumbo Mortgage? - Jumbo Loans ExplainedA jumbo loan (also referred to as a jumbo mortgage) is a home loan that exceeds the borrowing limits set by the FHFA. A jumbo loan is a mortgage for an amount that exceeds the standard loan size, as set by the federal government. Jumbo mortgages are large loans that fall above the federal loan limit. These loans are typically harder to qualify for than conforming loans.