Final answer:
Jumbo loans are mortgage loans that don't meet the dollar amount limit established by GSEs.
Step-by-step explanation:
Mortgage loans that meet all of the general underwriting standards established by GSEs except for the dollar amount are commonly referred to as jumbo loans. Unlike conforming loans, which have a maximum loan limit set by GSEs, jumbo loans exceed this limit and are generally used to finance high-value properties. For example, in 2021, the conforming loan limit for a single-family home is $548,250, so any mortgage loan above this amount would be considered a jumbo loan.
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