A jumbo mortgage is a mortgage loan in an amount above conventional conforming loan limits set by the two government-sponsored enterprises – the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac). Fannie Mae (FNMA) and Freddie Mac (FHLMC) purchase the bulk of U.S. residential mortgages from banks and other lenders, providing the lenders with funds to originate more mortgages. Both FNMA and FHLMC have maximum loan limits for mortgages they can purchase based on regional home values. Loans above those limits are referred to as a "jumbo mortgages". American Home Funding offers 30- and 15-year fixed rate jumbo mortgages and competitive ARM products with full document, alternate documentation and limited documentation. Cash out and No cash out refinance are allowable. Single family detached, Condo's, PUD's and single-family second homes can be financed with no prepayment penalty.