Jumbo Loan definition
Jumbo Loan means a Mortgage Loan which substantially conforms to the Guidelines except (i) the principal amount thereof may exceed the principal amount of loans which conform to the Guidelines or (ii) for other specified exceptions to the Guidelines that are consistent with the customary practices of the applicable GMAC Originator.
Jumbo Loan means a Loan that has an original principal balance which exceeds Agency Guidelines for maximum general conventional loan amount.
Jumbo Loan means an Eligible Mortgage Loan with respect to which each of the following statements shall be accurate and complete (and Borrower by including such Mortgage Loan in any computation of the Borrowing Base shall be deemed to so represent and warrant to the Agent and the Lenders as of the date of such computation):
Examples of Jumbo Loan in a sentence
Other than with respect to a Non-Qualified Mortgage Loan (other than a Second Lien Loan or a Jumbo Loan), each Loan satisfied the following criteria: (i) such Loan is a Qualified Mortgage, and (ii) such Loan is supported by documentation that evidences compliance with the QM Rule or the Ability to Repay Rule, as applicable.
The Loan-to-Value Ratio for each Jumbo Loan and each Second Lien Loan is within the limits set forth in the Underwriting Guidelines, in effect at the time of origination of such Jumbo Loan or Second Lien Loan.
More Definitions of Jumbo Loan
Jumbo Loan means a Single-family Mortgage Loan (other than a FHA Loan or VA Loan) that complies with all applicable requirements for purchase under the FNMA or FHLMC standard form of conventional mortgage purchase contract then in effect except that the amount of such Mortgage Loan exceeds the maximum amount under those requirements, but in no event shall the amount of such Single-family Mortgage Loan exceed $1,000,000.00.
Jumbo Loan means a Mortgage Loan (other than a FHA Loan or VA Loan) that complies with all applicable requirements for purchase under the FNMA or FHLMC standard form of conventional mortgage purchase contract then in effect except that the amount of it exceeds the maximum loan amount under those requirements.
Jumbo Loan means a Mortgage Loan (other than a Conforming Loan) that (1) is underwritten by an Approved Investor (other than ▇▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇ Mac or ▇▇▇▇▇▇ Mae), (2) matches all applicable requirements for purchase under the requirements of a Take-Out Commitment issued for the purchase of such Mortgage Loan, (3) differs from a Conforming Loan solely because the principal amount of such Mortgage Loan exceeds the limit set for Conforming Loans by ▇▇▇▇▇▇ ▇▇▇ or ▇▇▇▇▇▇▇ Mac from time to time, and (4) is a First Lien Mortgage Loan.
Jumbo Loan means a Mortgage Loan (other than an FHA Loan, a VA Loan, or a State Loan) that is underwritten in accordance with standards approved by the Agent that are generally comparable to the standards established by FNMA or FHLMC in all respects other than the original principal amount of the Mortgage Loan and that were established by an Investor (other than FHLMC, FNMA or GNMA).
Jumbo Loan means a Single-family Mortgage Loan whose original principal amount (or, in the case of a Construction/Permanent Loan, its current funded and outstanding principal balance) is more than the maximum allowed for Single-family Mortgage Loans eligible for purchase by ▇▇▇▇▇▇ ▇▇▇ and ▇▇▇▇▇▇▇ Mac but not more than Two Million Dollars ($2,000,000) (or such greater amount as shall be approved by the Agent on a case-by-case basis.)
Jumbo Loan means a Loan with an original unpaid principal balance greater than $350,000.
Jumbo Loan means a Mortgage Loan (other than a Conforming Loan) that (1) is underwritten in a manner designed to be purchased by an Approved Take-Out Investor (other than ▇▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇ Mac or ▇▇▇▇▇▇ Mae), (2) matches all applicable requirements for purchase under the requirements of a Take-Out Commitment or Hedge issued for the purchase of such Mortgage Loan, and (3) differs from a Conforming Loan solely because the principal amount of such Mortgage Loan exceeds the limit set for Conforming Loans by ▇▇▇▇▇▇ ▇▇▇ or ▇▇▇▇▇▇▇ Mac from time to time but shall not exceed $999,999; provided, however, that a Jumbo Loan having an original principal balance in excess of $999,999 but not more than $3,000,000 shall qualify as a Super Jumbo Loan. The term Jumbo Loan includes Super Jumbo Loans.