Joint Tenancy
A form of property ownership giving each person equal shared interest in the property, typically including rights of survivorship.

Joint Venture
An association between two or more parties to own/or develop real estate or any other business. It may take a variety of legal forms, including partnership, tenancy in common or a corporation. It is formed for a specific purpose and duration.

Jumbo Mortgage
Also known as a 'non-conforming' mortgage. Conventional home mortgages not eligible for sale and delivery to either Fannie Mae (FNMA) or Freddie Mac (FHLMC) because of various reasons, including loan amount, loan characteristics or underwriting guidelines. Non-conforming loans usually incur a rate and origination fee premium.
The current conforming loan limit is $322,700 and below for a single family residence, $413,100 and below for a 2 unit property, $499,300 and below for a 3 unit property, and $620,500 and below for a 4 unit property. Loan amounts greater than this are considered non-conforming or jumbo mortgages.