VA Jumbo Loan
Jumbo home loans have become more difficult to get as lending standards have increased. Yet, there is hope. You may be able to take advantage of your VA Loan benefits to receive a great rate on your home loan.
If you are a Veteran or are Active Duty, find out how much you qualify for and how much you can save with a VA jumbo loan:
The VA does not technically have a Jumbo Loan program, however VA Loans above $417,000 are available. Further still, the rates for these loans can be considerably better than a Conventional Jumbo Loan.
VA Loan Limits
VA loans can go as high as $1 million. The limits vary depending on where you live, so it’s important that you know your county loan limit. You can find out this information by contacting a VA Specialist.
A homebuyer purchasing in Los Angeles County, California has a loan limit up to $737,500. Someone purchasing a home in Suffolk County, Virginia has a loan amount up to $498,750. However, even if your home price is greater than the VA Limit, you are still able to use your VA Home Loan benefits.
Why You Might Have A Downpayment With A VA Jumbo
Making a down payment is simple with VA Home Loans. In fact, most VA Home Loans do not require a down payment. If your home does however exceed the county loan limit, you can still use your VA benefits on the amount up to the loan limit. In addition, above that amount, you will need to make a down payment. For example:
You’re buying a home in Suffolk County. The home of your dreams is $560,000, but the loan limit in Suffolk County is $498,750, a difference of $61,250. VA requirements are such that you to put down 25% of the difference, which in this case would be $15,313. The down payment in this example is less than 3%, an amount resulting to be less than the FHA loan down payment requirement. Still, some lenders have different policies when it comes to making a down payment and the percentage of that payment. For this reason, you should contact our VA Specialists who can let you know the exact quantities you’re dealing with.
Get Qualified Today
Contact a VA Specialist Today. Our VA Specialists will cater to your unique home buying situation. They will help you learn all the ways a Jumbo VA Loan can work for you. Just fill out our 1-minute quote request form and you can begin comparing rates and offers today!