J - Dictionary

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Judicial Foreclosure -
A court procedure used by lenders to secure clear title to a property under a defaulted real estate loan.

Jumbo Loan -
A loan for $333,700 or more in the continental United States (Alaska and Hawaii limits are higher). These limits are set by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation. Because jumbo loans cannot be funded by these two agencies, they usually carry a higher interest rate.
 
 

 

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