A jumbo loan mortgage is a loan that does not conform to the guidelines established by Fannie Mae or Freddie Mac or exceeds the conventional loan limit is called a Jumbo mortgage loan. In most states, home loans that exceed $322,700 to $1,000,000 are considered Jumbo Mortgages. Jumbo Mortgages carry slightly higher interest rates than conventional home loans. This is because of the risk involved to the lender.

Super Jumbo Mortgage
A loan amount over $1 Million is classified as a "super jumbo" loan. Most lenders do not offer residential mortgage financing for Super Jumbo loans, and some lenders only do Super Jumbo loans. As with a jumbo loan, documentation requirements, interest rates, and review processes are generally different and more demanding on super jumbo loans than "conforming" loans, due to the amount of money involved. This type of loan does usually require excellent credit.