Any loan amount above the conforming loan limit is considered a Jumbo loan.  Currently the conforming loan limit is $333,700 for a single-family home.  Jumbo loans typically have slightly higher interest rates than loans of a lesser value, this is because lenders generally have a higher risk on these Jumbo loans than conforming loans as well as some additional underwriting restrictions and higher a Origination fee.  Mortgage Calculator

Jumbo loans are also known as non-conforming loans. They do not conform to the guidelines set out by Fannie Mae and Freddie Mac for conventional loans.  Jumbo loans are ideal for those who want flexible rates and terms on a higher loan balance. 

INTERESTED IN A CONVENTIONAL LOAN - A conventional loan is a loan that is not an FHA or a VA loan. A conventional loan generally required 10% to 20% down, and anything less than 20% down generally is required to have private mortgage insurance or PMI.  Learn More about Conventional Mortgages Loans